Time to remortgage, urges David Hollingworth at L&C Mortgages

Posted on Tuesday, May 16 by Joy Tibbs

David Hollingworth, mortgage expert at L&C Mortgages, has responded to the recent UK consumer price index (CPI) inflation announcement by urging homeowners to remortgage sooner rather than later.

The annual rate of consumer CPI inflation rose from 2.3% in March to 2.7% in April, exceeding consensus estimates of 2.6%.

David Hollingworth says: “As the impact of a weaker pound feeds through to monthly costs for consumers, and as the Bank warned last week, it will be a challenging time for British households. “

“The upside for those feeling the impact of higher inflation in their pocket, is that interest rates remain at rock bottom and mortgage rates are at or near the lowest on record. Borrowers should be making sure that they are taking advantage of these rates and keeping their mortgage costs to a minimum.

“All too many don’t review their mortgage and our recent research found that not only were 36% sat on a high standard variable rate, but more than half have never even tried to remortgage.

“In a period of uncertainty for consumers, they can at least use the very competitive mortgage rates on offer to cut costs and also put some certainty into their biggest single monthly outlay by fixing their rate. 

“That should at least help deal with the inevitable squeeze on disposable income that higher inflation brings.”

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