09 June 2017

MORTGAGE rates have remained historically low for far longer than even the most optimistic homebuyer would have predicted.

While would-be buyers continue to take advantage of enticing terms being offered by the main lenders, provided they can piece together the necessary deposit, we are now seeing homeowners coming to the end of fixed rate tie-ins or special deals and pondering their next move.

In the majority of cases, the next step will be reverting to the lenders’ standard variable rate – unless you are pro-active and look to re-mortgage.

It may take some time and effort on your part but chasing up alternatives could pay dividends, as the standard variable rate will be higher than any special deal secured a few years ago.

Some borrowers may, of course, prefer to adopt the standard variable rate with no tie-ins, rather than lock themselves into another package for several years.

These people are usually looking for flexibility due to personal circumstances and, looking ahead, want to steer clear of the hefty repayment charges which tend to accompany early opt outs.

But legal firms enjoying membership of the Tayside Solicitors Property Centre are well placed to provide impartial and independent mortgage advice as we edge towards summer so it makes sense to tap into their well of knowledge.

They will assess the various options and provide a guiding hand going forward if you are in the final months of a current mortgage arrangement.

Bear in mind that a lender may be prepared to consider offering an existing client a new, special rate at the end of any preferential period in a bid to retain their business.

Make that your starting point so you are well positioned to compare and contrast.

And remember, your solicitor will provide valuable expertise in weighing-up the options.

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TSPC is the trading name of TSPC Holdings Limited, a limited liability company registered in Scotland No 279747 and Tayside Solicitors Property Centre Limited, a limited liability company registered in Scotland No 279746. The Registered Office of both Companies is 11 Whitehall Crescent, Dundee DD1 4AR.

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