Mortgage Misery for hundreds of thousands
This week the bank of England decided to leave UK interest rates unchanged meaning more misery for UK mortgage holders. Whilst on the face of it their decision makes some kind of sense because lowering interest rates might encourage increased spending which could further push up inflation, it is little comfort to those of us with large mortgages.
It is likely that the low interest rates we experienced since early 2000 are gone forever, however this does not mean that interest rates are likely to rise significantly. So as money gets a little tighter, particularly after Christmas excesses, is it time to consider finding a new mortage deal and if so where should you start?
Our advice to mortgage owners is always to seek out some independent financial advice rather than dropping into your local bank branch. Independent financial advisers are often well acquainted with the current mortgage market and where the best mortgage deals can be located and what's more they often do a lot of the ground work for you, trawling through thousands of mortgage products to get you the best mortgage deal that will save you money.
It's always worth considering switching your mortgage if you've had your current one for a few years, as mortgage products change regularly, but only change if you an gaurantee a good rate.
We've written a more detailed article with the title "How To Find The Best Mortgage Deal" .Labels: financial adviser, mortgage, mortgage deal, The Best Mortgage Deal |
