Bloomberg UK - Is It Too Late for British Homeowners to Remortgage?
Lenders are pulling mortgage products. Those that remain are more expensive. Benchmark interest rates are at their highest level since 2009 and are expected to climb even higher next week when the Bank of England announces its latest lending rate.
“There’s no doubt that if you are going to remortgage now or over the coming months, unfortunately you have missed out on a lot of the cheapest deals,” said Aaron Strutt, product director at Trinity Financial, told Bloomberg UK.
“Generally speaking, it doesn’t necessarily make sense to pay the early repayment charge” to break a loan agreement and remortgage now, said Strutt. That’s because early repayment charges often amount to more than the price of staying on or even moving to a slightly higher-rate mortgage. *
*If you are considering paying your early repayment charges call Trinity Financial and we will give you advice.
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