While speculation continues about a potential Bank of England Base Rate rise and the impact on future mortgage repayments, local estate agent, Your Move, is urging borrowers to review their mortgage arrangements to see if they can save money by finding a more competitive mortgage deal.
The call follows suggestions by the Bank of England’s governor Mark Carney that UK interest rates could rise next year. Your Move believes that following the introduction of an array of recent mortgage deals that borrowers may benefit from reviewing their existing mortgage arrangements to see whether any of these may be favourable to them. This may be worth doing even for borrowers on an existing mortgage deal which has early repayment charges – as the potential savings might be sufficient to outweigh any such charges.
Simon Cox, National Financial Services Director for Your Move commented:
“There has been a lot of media speculation and advice being handed out about the need for borrowers who are coming to the end of their fixed rate mortgage deals – or who are on rates that fluctuate – to ‘fix’ their mortgage rate before they potentially rise. For those who think that rates are likely to rise this may be a sensible move, although they should seek professional mortgage advice which takes into account all of their circumstances and requirements, before deciding on the most suitable mortgage.
Probably no-one knows when the Bank of England Base Rate will rise but whether it’s this month, next month or in the months to come, it’s always worth checking what current deals are on offer and to remain vigilant because, while all the emphasis has been on new mortgages being arranged, it’s certainly worth existing borrowers checking that they too have the most suitable deal for them.”
If you’d like to find out how Your Move can help you in finding a mortgage deal – from the wide range it has access to – simply book an appointment via phoning 0800 056 4508 or book an appointment online via the Your Move website at https://www.your-move.co.uk/mortgages/mortgage-enquiries
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our initial consultation is free. We will charge a fee between £399 and £699 on application. The amount we will charge is dependent on the amount of research and administration required.