Following the news that the Bank of England base rate may increase in the near future, an estate agent based in Bristol has issued advice to all borrowers to check that their mortgage is still the most suitable product for them.

Experts have been advising people applying for a new mortgage, or those with fixed rate deals coming to an end, to seek a low fixed rate product. However, the National Financial Services Director for Your Move, Simon Cox, urges all borrowers to review their mortgage. He added that even those facing charges for early repayment might benefit from a deal with a lower interest rate. According to Cox, the savings may outweigh the charges.

Cox added that before moving to a different product or signing up for a fixed rate deal, all borrowers should take professional advice to make sure that the product will suit their current requirements and circumstances. Opting for the guidance of a qualified adviser will ensure that borrowers choose an affordable mortgage product that is affordable, even if interest rates do rise. Qualified advisers will have taken and passed a CeMAP course in Birmingham, Leeds or elsewhere in the UK, which means they are up to date with legislation and the type of products that are available.

Advice from Cox includes always checking the deals that are currently on offer, whether the interest rate is likely to rise or not. He stated that it is often possible to save money, even when tied into a specific deal.

Leave a Reply

Your email address will not be published.