Apply For A Remortgage Now Before Rates Go Up Again.

July 12, 2009 - PRLog -- The Bank of England base rate of 0.05% was introduced to kick start the economy, and to keep lending at an affordable rate.
The foundation of a healthy economy is the lending and borrowing of money, and the Government move of  lowering the rate to this all time low of 0.05% was introduced to encourage this, and to keep lending rates low.
Unfortunately there has not been any obvious low rates offered in the form of loans from the majority of banks , building societies, and specialist lenders.
Loan interest rates provided by the specialist secured loan lenders are as high as I have known in twenty five years in the industry.
For a few months there have been very good remortgage deals available.
If you have a tracker mortgage you are in a strong position at the moment, as you are "tracking" the base lending rate of 0.05%, and if you have a tracker mortgage, you are in a comfortable position currently.
When the base lending rate increases so will your mortgage payment.
For a few months now the majority of people when applying for a remortgage have opted for a fixed rate, even although the fixed rate remortgage payment at present will normally cost more than a tracker.
However with a fixed rate you know what you are going to pay for the next two years, three years, or for however long you can obtain a fixed rate.
If you want  to fix your mortgage now in order to feel a sense of financial stability for the next few years, you should apply now, as on Friday some of the main building societies have increased the interest rate on some of their fixed rate remortgage products.
It must be a great disappointment to the Government to note that The Royal Bank Of Scotland which is 70% owned by the taxpayer has withdrawn a number of their better rates.
The Woolwich has increased their fixed rate remortgage rate by a massive 0.06%.
This takes their two year fixed rate remortgage rate to 5.09% APR and their five year fixed rate is now 6.29%.
Therefore for anyone wanting a remortgage they should apply now before the rates rise again.
Nobody could have possibilty foreseen that the remortgage interest rates would have risen so steeply when the base rate is at the lowest in history.There is no time to delay if you want a remortgage for any purpose make your application now.

http://www.championfinance.com

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Champion Finance has been established since 1985, and we specialize in all aspects of homeowner finance. We have a panel of lenders to obtain the best interest rates for secured loans for all purposes for employed and self employed applicants. Whole of the market mortgages and remortgages arranged through all major lenders.Our clients have no need to traw the high street or internet to obtain the best rates as we have all financial products in house.

http://www.championfinance.com