It’s time to switch to fixed rate loan deals

The Bank of England has recently announced that inflation has increased to 3.7% and warned that the base rate of interest could see a rise in June. As a result, the majority of UK loan providers are now the flood of fixed rate loan applications.

Many people in UK have their home owner loan or mortgage on SVR because for now it is  the cheapest option for their loan. However, the high probability of increasing base of interest, many of them are planning to switch to fixed rate deals.

Still, these borrowers wil be able to snap the best deals if they apply as soon as possible because most lenders are thinking about replacing their existing fixed rate products with more expensive ones, in expectation of future interest rate rises.

Some loan providers such as the Skipton Building Society and Northern Rock have already done this, and others are likely to follow suit very soon.
 


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