Homeowners are being urged to act quickly if they are looking to take advantage of interest rate cuts and switch to a cheaper mortgage, as otherwise they could end up missing out on some very competitive deals that are either selling out or are being taken off the shelves by lenders after just a short period of time. Many homeowners may be looking at remortgaging in light of the two interest rate cuts that have been made since December 2007, but they are being warned not to dither and delay if they see a competitive deal.
According to a recent report some lenders have been offering headline grabbing rates on mortgages for just a short period of time, and are then taking the mortgage deals off the shelves leaving consumers with no choice but to opt for a more expensive mortgage. These mortgages are being withdrawn at very short notice in some cases, according to reports, with some lenders withdrawing low rate deals from the shelves within just a couple of days.
Many lenders have stated that they can only put these eye-catching rates out for a limited period, and in other cases lenders have claimed that the deals are selling out so fast that they can only be made available for a matter of days before being taken off the market. Following the Bank of England base rate cut this week, 90% of top mortgage lenders rushed to cut their interest rates, and this means that there may be a range of more competitive deals coming on the market.
However, homeowners and new buyers that see a competitive rate should act quickly, as otherwise they could find that the most competitive rates are no longer available, and this means that they will have to sign up to a higher rate mortgage.
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