How to protect yourself from a 2017 mortgage rate rise.
The bank rate is currently at 0.25%, and it’s unlikely this will increase anytime soon. However fixed rates are not closely linked to the base rate, which means mortgage-holders really should protect themselves in 2017 by locking into a low rate now.
The question is what would it mean to your finances if lenders upped their mortgage rates next year? Could you afford the extra cost?
With predictions of rising food bills and an increase in living costs post Brexit, it makes sense to protect yourself and save money where you can. Rates are for the time being at historic lows, so lock into a longer term low rate now while you still can.
Locking in to avoid paying more than you have to, is especially true for SVR mortgage holders. It makes sense to avoid switching to an SVR as rates are set so much higher than average fixed rates, and some lenders haven’t even passed on the BoE base rate cut.
If you are wondering if you need to fix your mortgage now, call us at Deal Direct for impartial advice. Let us help you find a competitive deal to lock into now, we can make a review of your finances to see what low rate offers are available to switch to at your equity level.
For advice and a low rate quote call us today on 0800 048 8828.
