How often should I review mortgage rates?
I used to check all the time, but with base rates staying the same I have not been as good about this issue.
if you are already tied into a deal then there is little point looking unless you are paying a very high rate and have at least 25% equity in today's market - then it can be worth looking at paying the penalty to move and still being better off after recovering the charges.
if you are with a lender on a very good standard rate ie 3% or less, then i wouldnt move unless you are becoming jittery about rates and want to take either a fix or cap.
i have arranged a good cap for a client today based on an initial rate of 2.25% with a 3.45% ceiling. this is arguably better than opting to fix with your current lender. santander at the moment is offering 2.99% to remortgage and fix with them but if you are with them already, the typical deal they offer is between 3.99% and 4.74% !!!!
speak to a good IFA and they will guide you. i have advised some clients to hold fast and others to move - its all based on individual circumstances. | 01.25.11 @ 21:27
If you're on a standard base rate, the likelihood is you'll not find many better deals, especially as the majority of places are charging £999 arrangement fees. All the indications are that base rates are going to stay low, so if your rate is under 3%, I shouldn't be too worried | 01.25.11 @ 21:44