SVR mortgage holders told to stay alert
www.moneynews.co.uk > Mortgages > SVR mortgage holders told to stay alert
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SVR mortgage holders told to stay alert
Mon 17th Aug 2009
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David Elms, chief executive of professional advice website Unbiased.co.uk, warns that when the base rate is raised by the Bank of England borrowers need to make sure they have a deal that does not "suddenly rocket in monthly payments".
To avoid this situation Mr Elms suggests speaking to independent mortgage brokers and advisors, recommending that people act fast to secure new deals.
"We have gone through a period of falling base rate, making SVRs suddenly an attractive option compared to many fixed-rate deals," he said.
Mr Elms expects fixed-rate mortgage deals to go up if the base rate increases which will make those deals with good rates much harder to find.
Unbiased.co.uk last week released new figures for June showing that a third of all their consumer advice requests were regarding re-mortgaging.
Click here for more mortgages news
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