Arrange A Cheap Mortgage Or Remortgage While You Still Can

This may well be the best ever time to consider mortgages if you want to purchase a property.

Not only can it be possible to obtain a good rate for your mortgage, but in addition it may be the time to buy your new property at a bargain price.

The sale of properties has come to a standstill since the abolition of the Stamp Duty holiday, but there are those who are forced to sell their homes for such reasons as having to relocate because of their jobs.

Therefore first time buyers really could buy their first home at a bargain price and at the same time also obtain a low interest mortgage for the purchase.

Mortgage rates are very low at the moment due to the Bank Of England Base Lending Rate of 0.05% which was introduced to help the ailing economy during the recession.

Tracker mortgages follow the base lending rate as their name suggests, and as the base rate is low so too are tracker mortgage rates.They start at 1.84% for those with a 30% deposit.

Fixed rate mortgages start at 2.99% currently.

There is now pressure on the UK Government to consider raising this rate to 0.Foreign firms investing in the UK want to see higher returns and this may well force up interest rates.

Some experts reckon that within the next year the base lending rate may well stand at 1.75% which will mean a hike in the rates charged for mortgages, remortgages, etc.

This makes it an opportune time to consider taking out a fixed rate mortgage when they are still available at such low rates, as time may well be running out.

The results of the General Election on 6th May is also likely to influence interest rates.

Remortgages, which are only available to those who already are homeowners, have the exact same rates and criteria as mortgages, and therefore remortgages will be affected in an identical way as mortgages if rates change for the above reasons.

As such it is worth consideing arranging a fixed rate remortgage to cut down on the monthly mortgage payment.

A remortgage involves moving from a current mortgage provider to a new mortgage lender to obtain a better rate of interest, when remortgaging for the same amount as the current mortgage, or to raise additional funds that can be used as a low interest method of purchasing almost anything.

Remortgages are also excellent ways of arranging debt consolidation which leaves one payment in the place of a number of higher interest loans, credit cards, etc.

The time is certainly right to obtain a bargain rate for remortgages and mortgages before they evaporate.

by: Liz Moir

POST COMMENT

Fast Loans for People on Benefits – Fast Loan Scheme Beneficial Features Of Payday Loans Possible Types Of Loans For The Under Banked Same Day Unemployed Loans Take Financial Aid With At Ease Are Payday Loans Really Emptying Your Pocket No Teletrack Payday Loans - Money Through Easy Way Retirement, Tropical Living, Offshore Banking And Corporations: Why Belize? Tax Advantages, Banking Privacy And Convenience Of Offshore Banking In Belize Will.i.am Launches His Own Mortgage Relief Program What Bank Property Foreclosures Have to Offer to First Time Buyers 30 Day Loans Finance For The Whole Month Unsecured Loans: Free From Collateral Same day loans-No hassle of messy processing