Categories

Monthly Archives

Feeds

 
 

Latest Articles

How to escape increasing mortgage rates

[ Posted May 12th, 2012 ]

Many homeowners took the increase in mortgage rates by the major banks last week in their stride or at least in a low key fashion since they considered themselves helpless in the situation.  While it is true that those on an SVR with one of the major banks such as Halifax and the RSB had the right to increase mortgage rates with or without customer approval, there are choices that you can make as a mortgage holder to get out from underneath the rate hikes.

If you have sufficient credit there is actually no reason that you should pay more simply because the bank demands you too. Those do not have a mortgage with one of the banks that just increase their rates should not get too smug, because unless you have one of the many fixed mortgages products, you may be next.

In fact, anyone with a SVR may be next as many other banks and building societies plan to follow suit next including big lending agents Co-op and Yorkshire Bank.  In fact, experts predict that by the end of the year most people on SVRs will see their rates increase back up.

While an increase of .5% likely is not going to seem like much at first glance, it certainly is not going to result in one of the best mortgage rates, and it is going to do more damage to a household budget then it will seem too at first.

This is due to the fact that the average homeowner is going to see about £40-£50 added to their mortgage payment each month, and by the end of the year that will add up to additional costs of about £480- £600.  At this point it is easier to see how the slight increase can really start to stretch a budget.

The good news is that homeowners that have at least 15% equity in their home do have another choice: to shop around for another mortgage product.  While you will to be careful about termination fees and new product fees, if you are diligent in your efforts to find a new deal it is possible to get locked into a lower rate fixed product.

Bear in mind that even if the fixed product is a bit higher than you are paying now, it will protect you against future SVR hikes and if the mortgage market remains unstable it is likely that these are coming in the future.

21 Responses to “How to escape increasing mortgage rates”

  1. Joseph Says:

    fender@broadcasting.trobles” rel=”nofollow”>.…

    good info!…

  2. Marcus Says:

    affiliation@kroger.storyteller” rel=”nofollow”>.…

    ????? ?? ????!!…

  3. ken Says:

    pearly@lambarene.une” rel=”nofollow”>.…

    ??????? ?? ????….

  4. javier Says:

    sheldon@bmt.rasped” rel=”nofollow”>.…

    ???????!…

  5. fernando Says:

    swindling@unuttered.defending” rel=”nofollow”>.…

    tnx for info….

  6. homer Says:

    bullet@wealth.blurred” rel=”nofollow”>.…

    tnx!…

  7. angelo Says:

    touchstones@restrict.impunity” rel=”nofollow”>.…

    ??? ?? ????!!…

  8. Clarence Says:

    shifters@crucified.thrust” rel=”nofollow”>.…

    ???….

  9. Jay Says:

    trusted@pillspot.com” rel=”nofollow”>.…

    tnx for info!!…

  10. kelly Says:

    fender@broadcasting.trobles” rel=”nofollow”>.…

    good….

  11. Martin Says:

    mitral@sulfaquinoxaline.craving” rel=”nofollow”>.…

    good!…

  12. Roberto Says:

    lathered@cha.streams” rel=”nofollow”>.…

    tnx!!…

  13. Kirk Says:

    tyler@penetration.doesnt” rel=”nofollow”>.…

    hello!!…

  14. frank Says:

    stropped@slippers.hollowell” rel=”nofollow”>.…

    ñïñ….

  15. Sam Says:

    valewe@thicken.baptisms” rel=”nofollow”>.…

    ñýíêñ çà èíôó….

  16. Gregory Says:

    disillusioning@nazism.jointly” rel=”nofollow”>.…

    ñïàñèáî!…

  17. Shane Says:

    trustfully@grayed.birger” rel=”nofollow”>.…

    thank you!!…

  18. luke Says:

    glycerinated@hackettstown.marries” rel=”nofollow”>.…

    ñïñ!…

  19. Aaron Says:

    berthelier@maze.celiac” rel=”nofollow”>.…

    ñïàñèáî çà èíôó!!…

  20. Gregory Says:

    exacerbation@stance.orchester” rel=”nofollow”>.…

    thanks….

  21. freddie Says:

    messenger@pulse.caving” rel=”nofollow”>.…

    ñïàñèáî!…

Leave a Reply

 
 
 
 
mortgagerates123.co.uk aims to provide every client with cheap, affordable and best mortgage loans in the UK market, however the actual mortgage rate available will depend on client's financial circumstances and credit history. Although, mortgagerates123.co.uk has made every effort to ensure that the mortgage rates listed are correct, it bears no responsibility in case of an error. 
Copyright © 2009 TUDORHAY LTD All rights Reserved.
Contact Us  |  Advertise |  About Us  |  Privacy Policy   |  Terms & Conditions