Remorgaging is on the rise on speculation of a base rate increase!
Published ¤ 21/02/2011 10:39:13
Remortgaging has become more popular over the last two months following speculation that the Bank of England is about to increase the base rate.
Many people are now talking about the base rate rising at least three times this year, taking it over the 1.0% mark for the first time in two years.
People are also opting for fixed rates over tracker rates, again indicating fear of an iminent base rate rise. However, many lenders have raised their best fixed rates due to an increase in swap rates (an indicator of the cost of borrowing).
Fortunately, the number of mortgages available has risen steadily, and is now at its highest level in almost two years, according to Moneyfacts. At the same time, the number of mortgages available to those with a smaller deposit has also risen sharply compared to last year.
Paul Skinner from PKS, one of Hampshire's top mortgage brokers, said "We have seen a dramatic increase in the number of people wanting to remortgage, in particular to a fixed rate. Most of the people we interviewed in January stated that they were concerned that the Bank base rate would rise quite sharply this year, and they wanted to protect their mortgage payments, even if it meant paying slightly more now.
"It is a shame so many people have left it until now to remortgage, as many of the best deals avaialable 2 months ago have now disappeared. However, there are still many very attractive schemes available for those people with plenty of equity in their home, and the rates for those with smaller deposits have dropped significantly in the last few months."
If you would like to review your mortgage options, you should speak to a "truly" independent mortgage adviser. PKS offers truly independent advice, and has been one of Hampshire's top mortgage and insurance brokers for many years.
Please click here to request a review of your mortgage situation, or call PKS on the number at the top of the page.
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