Many mortgage borrowers have reached the end of their special rate mortgage deal now and many of these have chosen to stay on their standard variable rate.

Whilst the Bank of England interest base rate stays at just 0.5 per cent, the standard variable rate, normally the most expensive mortgage rate, is quite cheap with many mortgage lenders and so borrowers are not in the usual rush for a new mortgage deal.

Indeed, it appears the best mortgage rates are currently only available to those with excellent credit histories and a good level of equity or decent sized deposit, yet standard variable rates have only one way to go as interest rates change and that is up.

When the standard variable rates begin to rise, there will no doubt be a huge rush for the nearest mortgage advisor to help the borrowers find the best mortgage deal for their situation. Rising interest rates will mean pressure on household budgets and financial difficulty for many so if you are currently on the standard variable rate with your mortgage lender, you may want to reassess your situation with a mortgage advisor sooner rather than later.

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