Mortgage rates set to soar – How to avoid rocketing rates and save ££££s
An unprecedentedly low Bank of England Base Rate has meant that thousands of borrowers are now paying considerably less for their mortgages than they have done in the past or indeed expected to. However with continued economic uncertainty is it time to stay with a variable mortgage or jump ship and take a fixed rate – mortgage and property portal obligo.co.uk ask the question.
In order to make an informed choice about switching a current mortgage it is important to examine the facts according to property and mortgage website obligo.co.uk
Most borrowers will indeed conclude that they should stick with their current deal rather than change to a potentially higher rate happy in the knowledge that they are ‘saving money’. The question is, is this a short sighted approach to a long term debt?
What should the consumer conclude from these circumstances? Ray Bohringer, Obligo spokesperson says “there is still the possibility to ‘save money’ by switching a mortgage today. It may not be apparent immediately but in time a change to a longer term fixed rate at a low loan to value may prove to be a much better bet than sticking with a deal today that will inevitably become more expensive in a market that may prove extremely difficult to get a deal from”.
According to many experts the smart money will consider a remortgage now, before rates gradually edge up, with any short term losses being easily offset by savings made when the Bank of England rate reaches normal market levels, but Ray Bohringer of Obligo hinted a word of caution “whilst I do urge borrowers to look at remortgaging I strongly suggest they shop around and see what is on offer, and get as much information as possible. It’s quite likely that their existing mortgage deal may have exit fees, and there may be fees associated with remortgaging. Way up the pros and cons and make an informed choice – don’t just take the first deal that looks good off a price comparison table”
Obligo is a new mortgage business based around a revolutionary concept that will provide consumers with tools and information about UK mortgages, whilst retaining a human aspect to case underwriting and application management.
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Article Title: Mortgage rates set to soar – How to avoid rocketing rates and save ££££s
Authors URL: http://www.obligo.co.uk/
Author Name: Chris Gardner
Contact email: email@example.com
Author Blog: www.obligo.co.uk/blog
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ABOUT THE AUTHOR
About the author:
Chris Gardner (firstname.lastname@example.org.) is a director of Obligo, the UK mortgage and property portal. Obligo provide consumers with free tools and information helping them to make well informed mortgage and property decisions.
Read more about Obligo, other mortgage and property related articles at http://www.obligo.co.uk/grapevine,for free mortgage tools and information go to http://www.obligo.co.uk/