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Broker urges against rushing into long-term fixed rate deals




New figures have revealed that the popularity of remortgaging has hit its highest point in almost 10 ten years.

Across the UK, people are rushing to lock into five-year fixed rate deals – which have fallen to a record low of 2.77% – in a bid to beat a rise in base rates which many are predicting could happen soon.

While some homeowners may be remortgaging for long-term security rather than cutting monthly costs, it’s clear that when it comes to any type of mortgage, one size certainly doesn’t fit all.

Consumers can spend hours trawling the internet and still have no luck finding the very best deal, which is where brokers play a part.

Matthew Pennell, managing director of Choice Finance (pictured above), said: “There is a lot of noise in the media around interest rates and a rush to remortgage to make the most of them, but for those who aren’t fully savvy this could lead to people panicking and missing out on the very best deal.

“By talking to a broker, homeowners can ensure that they really are getting the full benefits according to their personal circumstance, and aren’t rushing into agreeing to a fixed term rate because they don’t want to miss out.”

Not only do brokers have the knowledge and experience to secure the best details, they also have a high success rate. 

According to the Intermediary Mortgage Lenders Association, almost nine out of 10 mortgage applications made via brokers resulted in offers.

Matthew added: “There will be a lot of pressure at the moment to act quickly, but a hasty decision when it comes to finance is never a wise move.

“When people come to us looking to remortgage, we look at the whole picture: where they are, where they want to be and all the fine details in between.”





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