The mortgage market is rife with competition and low rates making it the perfect time to remortgage, Kevin Roberts, director, Legal & General Mortgage Club has argued.
Last week TSB Bank launched a range of 5-yer fixed remortgage products, including a 1.64% product at 75% LTV.
Roberts (pictured) said: “It’s a highly competitive mortgage market. Some of the UK’s biggest banks have significant sums of money available and the market today which can provide borrowers with certainty over their mortgage at a time when political uncertainty is on the minds of many.
“For those who weren’t able to find a mortgage in the past, now might be the time to try again.
“They’re investing this into the UK mortgage sector. At the same time, the cost of money for these banks has fallen in recent months.
“This has intensified competition amongst lenders, with some lowering the price of their mortgage deals.
“Others have widened their criteria to open up their mortgages to a wider pool of customers, including lending into later life.
“But what does this mean for consumers? It’s a great time to remortgage. There are some exceptionally low rates available.
“Borrowers can best take advantage of these rates by speaking to a mortgage adviser – 95% of borrowers who used an adviser would recommend their family or friends do the same.”