Time to Refinance your Home?

Best Remortgage Deal

Warren Buffett has lived in the same house forever. It’s in Omaha and it’s worth around $100K, not much for a billionaire. If he wanted to buy something a bit larger he might like to consider remortgaging

ING Direct have launched a remortgage with a fixed interest rate of 3.69% for the next five years. This is one of the cheapest remortgage deals you are likely to find. Although still a lot higher than the interest rates of the cheapest SVR and tracker loans.

Refinancing their home loan is something most people face at some point and as interest rates are very low it may seem like a good idea. Rates may also start moving up again soon so this may be a good time to be locking in a good fixed rate.

The Nationwide and C&G have standard variable rates of 2.5% well below ING’s remortgage rate. But if rates start to rise again this could change.

If a higher mortgage rate is likely to cause you problems then a fixed rate would be a good idea.

Obviously whether a fixed rate remortgage or a standard variable rate is good for you depends on many things such as the stock market – see stock market for beginners – when interest rates start going up. If your current rate is low then you will want to stay with it as long as possible.

John Charcol mortgage brokers say a good idea is to read the last few paragraphs of the minutes of meetings of the BoE’s monetary policy committee, as these generally contain indications about future rates. They also tell clients when fixing rates would be a good idea, and they haven’t done that yet.

For good free advice mortgages and remortgaging then check out the free mortgage guides at moneysavingexpert.com/mortgages/best-mortgages-cashback#step1 for further information on the stock market and remortgage deals check out – remortgage deals

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