Is it becoming more expensive to remortgage long-term?
Recent months have seen a huge rise in the number of homeowners seeking a long-term remortgage.
Mortgage rates have reached historic lows throughout 2016. Existing borrowers have taken advantage and sought the security of fixing their repayments, for longer and at a lower rate. However, the days of lenders announcing ever-decreasing remortgage rates, almost every week, appear to be ending.
The movement in global financial markets plays an influential role in the UK’s mortgage rates. Between January and September this year, swap rates fell and mortgage rates quickly followed suit.
However, since the end of summer, swap rates have doubled. Lenders have so far been less quick to respond; however, a few have adjusted their ranges.
Nationwide, for example, has increased its 10 year fixed rate by 0.3%. Skipton Building Society and West Bromwich have also made changes by increasing rates or scrapping products.
Lenders may well be feeling pressurised to maintain their margins; however, the market is still intensely competitive, and there are some excellent remortgage deals available
Now is the time to act, though, as the record low mortgage rates are beginning to disappear. Make sure you don’t miss out and contact our advisers now.
To secure a low rate remortgage, call 0800 048 8828.
