Remortgagers ‘must act quickly’
Article Category: Debt Management Help and Advice
Britons wishing to remortgage in anticipation of a fall in the Bank of England’s base rate of interest should do so quickly, it has been advised.
Katie Tucker, technical manager at independent mortgage broker John Charcol, suggests that there are still options available which could save money for those looking to remortgage, as well as for first-time buyers.
And with the current base rate of 5.75 per cent the highest since March 2001, she urges consumers to act in order to gain the full benefit of any future decrease.
“The silver lining for mortgage borrowers in this clouded sky that is the credit crisis will be the minimal chance of the base rate rising to six per cent,” Ms Tucker comments.
Noting the withdrawal of many tracker mortgages from the market, she adds: “Borrowers should act quickly if they want to gain a real advantage from any potential fall in the bank rate.”
Those looking to purchase a property, rather than to remortgage, are advised by Ms Tucker to look to Nationwide’s two-year tracker in order to save money, as it remains 0.27 per cent below the base rate.
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