A former Bank of England Monetary Policy Committee member has predicted that interest rates could rise significantly in the next few years. This forecast is based on the lack of progression of the Brexit negotiations and what effect that could have on interest rates.
Inflation has now caught up with wage growth causing a sharp consumer slowdown and the weak pound has also squeezed consumers and the expectation is that households will adjust their spending downwards.
More and more expats are looking for ways to reduce their monthly outgoings. One of the biggest expenses most people have every month is their mortgage payment. Keeping this in mind it would be a wise move to review your current mortgage so as to establish if it is still the best deal for you.
This will not be the case for everybody, your current deal may well be very good, but it is most certainly worth checking.
With all the uncertainty the Brexit situation is having on the UK currently a prudent move may be to fix a term for your current mortgage, this would take out all the uncertainty over that period.
It is highly recommended to seek professional independent advice as to what new deal could suit your current situation.
Reasons to re-mortgage
- To save money.
- Raise extra cash for a project you have planned.
- Your current deal is ending soon
- Transfer to a fixed medium/long term deal
If you would like to review your current mortgage deal please do make contact and one of our advisers will be happy to assist.