Remortgaging? Don’t to wait to see if rates fall further get a deal while you can!

With the back cloud of the new EU Mortgage Directive approaching, existing homeowners are advised to act sooner rather than later when switching to a better deal.

Following last year’s Mortgage Market Review, a few lenders have begun to refuse mortgages for some existing home-owners due to affordability rules. This is not the case market-wide as other lenders have continued to be flexible and are prepared to allow remortgaging under transitional rules. However knowing who will lend and who won't means you may need help to find one of these more flexible lenders, however act now because things are soon to change.

Any transitional agreements are due to soon end and ALL remortgaging home-owners will be assessed under new affordability rules from March 16 next year. 

After this date there will be NO exceptions allowed. Those not matching affordability criteria will be trapped on their current deal which will switch to their lender’s SVR at the end. Choices for these home-owners will be limited.

To avoid being one of these home-owners and becoming a mortgage prisoner under new EU rules you are advised to act now. In preparation for this change it is likely many lenders will start amending their criteria from September this year.

With 2 year fixed rates starting at 1.09% and 5 year rates at 1.99% it is possible to switch to a cheaper deal and save money.

To find out about your remortgaging options call us at Deal Direct today. We can review your finances and circumstances before searching for a new offer for you to switch to.

For impartial advice and a competitive quote call 0800 048 8828.