Keep an eye on rates with mortgage broker, Deal Direct.
It may not be that obvious to some but mortgage broker Deal Direct knows how important it is for clients to keep a constant eye on mortgage rates. Other factors, not just the base rate, affect how much interest you’ll be paying when you obtain a mortgage. These should be considered as they will help you to decide:
- which lender would be a good match for you.
- when the optimum time is to remortgage.
- whether to stick with your current lender or switch.
Although the key base rate rose in August, a factor that influenced the price of 2 year fixed rate mortgages, in particular, was the anticipation of rate rise earlier this year in May. The market was convinced the Bank of England would announce a quarter percent increase and so began adjusting their rates beforehand. The increase didn’t happen then, but rates continued to edge up and this was because of the influence of three other factors:
- Lenders are consistently fast to pass on increases.
- Lenders are consistently slow to pass on reductions.
- Lenders costs are higher because of increases in swap rates.
Deal Direct is one of the UK's leading mortgage brokers and, as such, the level of experience and expertise we have to offer is vast.
Because we know the mortgage market inside out and because we know how complex it can be, we have devised ways to keep you help you make informed decisions about the biggest financial commitment you’ll probably make.
We can fully review your circumstances and present your best options based on what you can afford. We’ll also keep you updated with rate changes by text or email to help you make better decisions about lenders’ products and if/when to remortgage.