Could You Be Eligible For One Of The Lowest Mortgage Interest Rate Deals?
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The Bank of England forecasts inflation hitting 4% this year, as the economy revives in the wake of the pandemic, which could result in a potential base rate rise.
So now could be a good time to remortgage, taking advantage of the range of deals currently available. However, fees may be payable, and homeowners with jobs, a healthy credit rating, and 40% equity in their properties could be the biggest beneficiaries, with some lenders currently offering sub 1% interest rates for those that qualify.
Remortgaging could also provide an opportunity to fund home improvements, perhaps to meet the Government’s green agenda to address climate change: replace a gas boiler, improve insulation, or install an electric car charging point.
You are usually able to review a current fixed rate mortgage six months before the term ends, although exit charges may apply if you choose to complete on a better deal prematurely.
First time buyers and homemovers with a minimum 40% deposit may also be eligible for low-interest mortgages, subject to the same criteria.
To find out more, contact our advisers at Just Mortgage Brokers, who can identify the most appropriate deals to suit individual financial circumstances