Remortgage SOS

There are approximately 2m customers in the UK currently on a variable rate mortgage, tracking either the Bank of England (BOE) Base Rate or a lender standard variable rate (usually linked to BOE Base Rate).?We have already seen 5 Base Rate interest increases this year alone (rising from 0.1% to the highest we’ve seen since 2008 at 1.75%) meaning higher interest rates for homeowners on these types of mortgages.

It is also estimated that a whopping 40% of fixed rate mortgage deals will end this year for customers meaning potentially higher interest rates for them.

Why is this happening?

The UK economy is in turmoil.?Pressures such as higher costs for importing goods from outside the UK and the Russian invasion of Ukraine having pushed energy prices up has meant that inflation has now reached over 9% (as of June 2022).?It is The Bank of England’s job to lower inflation back down via the rates that they set.?With inflation forecast to rise to 13% in coming months and regular reviews taking place, we expect rates to continue to rise and the threat of a recession is looming.

So, what can we do?

Unfortunately, we can’t control the economy, if we could I’d be sipping cocktails on 7 Mile Beach. However, we can still protect ourselves the best that we can when we remortgage by seeking the right advice.?

Get in touch today!

If your mortgage is due for renewal or you are already on a variable interest rate and seeing your costs go up month on month, then let us help find the right mortgage deal for your circumstances.

A fixed interest rate mortgage may help provide you with some financial security as you will know exactly what your monthly payments are, and this won’t change unless you change your mortgage before the fixed rate deal ends.

Why us?

We have access to 1,000s of mortgage deals, some of which are exclusive to us or our mortgage network.?Our team are friendly and down to earth and want to help.?So, take control of your situation and get in touch with one of our friendly expert advisers today.?We’re not just anyone’s expert, we’re Your Expert.

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Please note that a fixed rate mortgage may not be the best solution for your personal circumstances.?We will assess this on a case-by-case basis and failure to maintain your mortgage payments can result in your home being repossessed.?