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Mortgages & Interest Rates

Low rate remortgages

Currently interest rates are at an all time low, but there are very few mortgages out there. There are now greater restrictions on who can get a mortgage, and the deposits people have to pay up front are very high these days. You should always seek advice before you choose a mortgage. If you already have a mortgage, you should consider whether you are on the best deal, and whether you should be borrowing more money or paying it off as quickly as you can.

The base rate of interest in the UK has fallen from 15% in 1990 to 0.5% in 2010, so it is important that you review your mortgage to ensure that you are getting the best deal.

Should I borrow more or make overpayments when I can afford to?

Despite the fact that house prices have dipped slightly, the majority of people will still be sitting on positive equity due to the housing boom the preceded the fall. Despite this, the cost of living has risen so much that many people are now faced with a considerable amount of debt from all other aspects of their life.

While remortgaging to consolidate these debts can be appealing, you need to consider that the average mortgage term is 25 years. So, while you may be paying off less interest on your current debts, you will be continuing to repay your mortgage for a longer period which might end up amounting to more.

You should always try to pay off your mortgage as quickly as possible, since for many people mortgage repayments are their biggest monthly outgoing. On top of this, the longer your mortgage goes unpaid the more expensive it will become. You must remember that mortgage providers make their money by locking you into contracts for a long period of time.

Get advice on remortgaging from a mortgage expert

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