Comparing remortgage deals requires patience.
Patience is recommended to those home-owners looking to compare remortgage deals. There are fewer deals on offer from lenders but, for those prepared to keep looking a low rate deal will be found.
Low remortgage rates will be around for at least another month according to forecasters basing their information on the BOE base rate. However this does not mean lenders offerings will also remain low, rates are predicted to rise and home-owners are warned to be ready.
More home-owners are choosing to compare remortgage deals because they feel pressure from the threat of a worsening economy and fear a double-dip recession. Tightened lending practices had started to ease during 2011 but as things have steadily worsened in the eurozone, lenders are once again more becoming cautious.
Some economists are more optimistic however and believe any second recession would not last long, they predict that the second and third quarter UK GDP will show growth. In light of this some lenders have chosen to remain positive and have kept their offerings competitive. However while competitive lending will continue it is likely to be made available to some borrowers and not others.
Recently new 90 per cent LTV deals have been launched by lenders making it possible for those with lower deposits to get on the property ladder however, those who compare remortgage deals with larger deposits, will find themselves with more competitive rates than those with smaller deposits.
