The Bank of England raised interest rates in late 2017 and the indication is that we can expect more rate rises in 2018, albeit at a relatively slow and steady pace. What some homeowners with mortgages may not be aware of, is that many mortgage lenders are offering deals which help to lock in interest rates for up to 6 months’ in advance of the current deal ending.
If you are a homeowner with a mortgage, you’re probably keen to pay it down as soon as possible. And you want the best possible deal, with low monthly repayments. If you have a deal that is soon to expire, you can get ahead of the curve and secure a new interest rate up to 6 months before the current deal expires. That means that for a 6-month period it is possible to be sitting on a new mortgage deal waiting to kick in once the current deal ends. And what’s more, you can secure today’s interest rate. So, even if interest rates do rise within the next 6 months, you can have your next mortgage deal secured at today’s low rates. Locking in your next mortgage deal now, provides homeowners with a peace of mind and an ability to budget for the future.
Daniel at Grange Mortgages: “Few people know that mortgage lenders are offering mortgage deals up to 6 months in advance of existing deals ending. If you want to be able to secure mortgage lending at historic low rates, taking advantage of these advance-deals is a no-brainer.”
If you have a mortgage deal ending within the next 6 months, talk to one of our specialist advisors today about securing today’s interest rates for when your mortgage deal expires. Call us on 01604 877999 and one of our team will be happy to answer your queries and help secure your next mortgage deal.