The majority of homeowners reckon that mortgage rates will increase in the six months from May 2014, although a much smaller proportion of people plan on remortgaging ahead of any rise.
Equifax has found that 62 per cent of householders think that lenders will up their rates before winter, although only one in ten reckon that they`re going to switch to another home repayment plan, even though they could end up paying much more if they do nothing.
Andrew Webb from the credit score firm admits that this surprisingly low number could be down to people choosing "fixed rate deals that will protect them in the short term", but he adds that it`s important that people look further ahead, particularly now that the new Mortgage Market Review rules are in place.
As well as being at the mercy of the base rate change, if your mortgage product runs out and you don`t pick another, you may be automatically put onto your current lender`s standard variable rate, which may well to cost you more.
With remortgaging though, you need to be aware of any break fees, which mortgage lenders call early repayment charges, that may be triggered if you move between lenders. As these could negate any savings made by each month it may be wise to speak to an experienced mortgage advice gicing firm such as First Choice Finance who have 25 years experience looking into these details for our clients.
Our in house adviser team will find the most suitable deal for you from our panel of products and offer it on a no obligation basis to decide if you want to go ahead or not. You can chat through your scenario under no pressure by calling us on 0800 298 3000 on a landline or 0333 003 1505 on your mobile. Failing that enquire online at firstchoicefinance.co.uk.
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