With the housing market falling in value by 10% so far this year, a forced sale in this market can mean losing considerable amount of capital, especially if a move to rental property is being considered. This may make the option of securing a new mortgage deal particularly attractive to many individuals who have substantial equity tied up within their property.
However, taking out a new mortgage deal it is not an option to stumble into blindly: taking expert remortgage advice is critical to ensure that any mortgage deal is affordable and will leave a borrower's day to day finances in a better state.
An independent mortgage advisor can put forward all deals that match a prospective borrower's requirements, and will gather and compare a mortgage quote from the most suitable providers. An advisor providing remortgage advice on will be able to help guide prospective borrowers on the type of new mortgage deal best suits their personal circumstances.
But in the credit crunch, is it still possible to secure a good deal? The answer is yes, but only if the prospective borrower has a good credit history. For a prospective borrower seeking a new mortgage deal, it is imperative that a positive credit rating is maintained while gathering any mortgage quotes.
Consumers then face a difficult decision about whether to choose a fixed or variable interest rate on their new mortgage deal.
Faced with a real prospect that Bank of England lending rates may fall in the near future, there is the risk that in some cases fixed rate deals could become more expensive than a variable interest rate mortgage deal in the future.
Julia Gleave is a writer and author for http://www.mortgagedealsdirect.co.uk
We help you compare the vast number of UK mortgage deals to get you the best mortgage advice by taking into account mortgage repayment length, rates and mortgage types.
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