We’re revisiting the benefits of remortgaging this week. For good reason, too, as finding a great mortgage deal is becoming increasingly difficult.
It’s no surprise that the UK economy is under strain given the current crisis. However, one of its knock-on effects has been an increase in mortgage rates in tandem with a decrease in the number of mortgage products available from lenders.
In fact, getting a good mortgage deal isn’t as easy as it was only a couple of weeks ago – both in terms of mortgage rates and mortgage product choice. According to Moneyfacts, mortgage products dropped by 202 – or from 2,728 to 2,526 – from the beginning of July to the beginning of August.
In particular, those applying for a fixed rate mortgage and who require anything above 75% loan to value are likely to be wondering what’s happened, particularly given how mortgage rates have sat at historic lows over recent months.
Whether you’re looking to remortgage, or simply want to apply for a first time buyer mortgage, the good news is that all is not lost. After all, good UK mortgage deals haven’t disappeared altogether.
Yes, there are fewer mortgages available. And yes, mortgages that only required a 5% deposit are likely to remain absent until the economy is in a much stronger position. But there are options, and Complete Mortgages is able to assist mortgage applicants at every end of the spectrum.
Furthermore, as an award-winning mortgage broker in Guildford that’s part of the Mortgage Intelligence Network, our team of Guildford mortgage brokers are able to source the very best mortgage deals available at any given time. So, where there are good deals to be had, Complete Mortgages has ready access to them.
Don’t be disheartened by the shrinking pool of mortgage products. However, do take it as a sign that you should act quickly if you want to get a mortgage before the recession worsens and leads to further restricted availability.
If you want to remortgage or apply for any of the specialist mortgages we offer, such as buy to let mortgages, commercial mortgages and adverse credit mortgages, then get in touch on 01483 238280 or email info@complete-mortgages.co.uk.
By Mark Finnegan at Complete Mortgages
