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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?
It is necessary to consider what is likely to happen to lenders own Variable rates. Many mortgages are linked to the lenders own Variable rates and whilst this has often mirrored Bank Base there are signs that things are about to change. Several lenders including Skipton Building Society have increased their variable rates for existing borrowers stating that current rates are too cheap. This is a clear sign that mortgage costs could be on the way up regardless of Bank Base!
It is important to look at current fixed rates particularly where the loan to value required is low. In many instances current 2 to 5 year rates are as low as they are likely to be for some time. It is very likely that the financial mechanics used to create fixed rates will increase as we head for a period of political uncertainty. The opportunity to switch to a good fixed rate may soon be over so a switch today with a guaranteed Bank of England base rate increase looming may prove to be the best option.
There is still the possibility that lenders will experience a huge funding gap, or shortage of money to lend going forward. Month on month there are less products available in the market as the lenders still lending narrow their product base to suit the type of business they require. Reduced cash reserves to lend and the lack of competition will lead to higher rates and much stricter mortgage acceptance rules. This may mean that when rates start to edge up products available now will not be available at todays rates if indeed they are available at all.
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. Its 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 dont 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.Obligo intends to change the way UK consumers approach mortgages. Obligo is a unique collaboration of information and resources from both the UK mortgage and property markets.Features that have recently only been available through websites and entities are collectively presented to the consumer in a simple, easy and effective manner. Real-time house price information, automated property valuations (AVM), consumer guides, market analysis and expert market commentary is available together with industry leading mortgage calculators and application tracking systems.Obligo Ltd is a privately held company with a highly experienced and proven management team with proven track records in start-up acquisitions and sales in the mortgage and other sectors.The founders have set a course in the changing world of financial services to deliver transparency and efficiency to the UK mortgage market .
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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: chris[email protected]
Author Blog: www.obligo.co.uk/blog