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Lifetime Planning offer mortgage and protection advice. Freephone 0800 43 53 49 or email us at updates@lifetimeplanning.co.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Is Now the Time to Switch Mortgage?

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Is Now the Time to Switch Mortgage?

This week, the Bank of England voted to increase the base rate from 0.25% to 0.5%. The first increase in the base rate since 2007. [1]

With this increase, it looks that mortgage rates are set to increase from the record-low rates that many borrowers have been enjoying.

Some mortgage lenders have slowly started to increase their rates, including Barclays who have increased the cost of its two-year fixes by up to 0.2% [2]. Also, Halifax have increased by 0.2 percentage points [3].

No one currently on a fixed rate mortgage will see any changes until their existing deal expires.

Many people are not aware that they have been automatically transferred onto their lenders’ standard variable rate but this can mean that you are paying more than you need to.

Lifetime Planning have access to competitive remortgage deals that includes exclusive deals not available direct from lenders on the high street.

For more information on switching your mortgage, speak to one of our expert mortgage advisers. Freephone 0800 43 53 49 or fill in our online enquiry form.

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Source:

  1. BBC, November 2017 http://www.bbc.co.uk/news/business-41846330
  2. The Guardian, October 2017 https://www.theguardian.com/money/2017/oct/13/remortgage-now-cheap-fixed-rate-deal-interest-rate-rise
  3. Financial Times, October 2017 https://www.ftadviser.com/mortgages/2017/10/02/halifax-is-latest-lender-to-raise-mortgage-rates/
  4. BBC News, October 2017 www.bbc.co.uk/news/business-41523941

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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Please note if we recommend a Product Transfer with your existing lender then no mortgage advice fee will be payable, we receive commission from the provider.

Lifetime Finance Group Limited trading as Lifetime Planning is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let.

Welcome to our latest news and blogs. Lifetime Planning offer a ‘one-stop-shop’ for your mortgage and protection needs. We’ll strive to find you the most suitable mortgage and protection solutions to meet your specific needs. Call us now on 0800 43 53 49 or email us at mail@lifetimeplanning.co.uk.

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Guest Tuesday, 19 November 2019