Some remortgage rates cheaper now than last year.
The cost of some remortgage products is cheaper now than at any other time in the last 12 months.
Irrespective of the current market conditions, some remortgage rates have fallen from between 1% or 2% on average and others by even more.
The biggest reductions have affected the 2 year fixed rate remortgage products at 90% LTV, which have seen rates drop by as much as 10% in some cases.
3% falls have been seen in 2 year fixes at 60% LTV as well as 5 year fixes at 90% LTV compared to this time last year.
2 year tracker remortgages at 80% LTV and 3 and 5 year fixes are now 2% and 1% cheaper compared to the same period last year.
Other highlights include:
- 5 year fix at 90% LTV is now 5% cheaper
- 2 year tracker at 90% LTV is now 4% cheaper
Although the market expectation is for any increases to be slow and felt over a period of time, the current climate remains changeable. The effects of the Brexit negotiations on our economy could mean a rise in the base rate at any time. In which case, these sharp falls in remortgage pricing will become a thing of the past.
All this means is that there has never been a better time to remortgage your home and switch to a deal that saves you more money.
As a leading UK remortgage broker, Deal Direct can help you source the most cost-effective option for you and your individual circumstances.
To start saving on the amount of money you pay for your mortgage, speak to a Deal Direct advisor.