Is now a good Time to RemortgageNow is a good time to change the mortgage.
To find out more about the Scottish Widows Bank and how it can help you help your customers through debt restructuring, please go to our Change Hub.
Now is the right time to debate refinancing?
Bank of England has signaled that there is likely to be an interest hike in 2018 or early 2019. These speculations have led to an rise in swing levels and the vast majority o creditors are now beginning to share the higher expenses with clients. Clearly, we are entering a new, upwards stage in interest payments as creditors are no longer able to bear the higher financing charges due to uncertainty in the markets.
So if you have a customer approaching the end of their business or comfortable on SVR, now is the time to talk about the change. As the Bank of England's key interest rates moved at the end of 2017, we saw around 15% more remortgage activities in the move than in the year before.
Recent mortgages research shows similar level of activities. Scottish Widows Bank recorded a 143% rise in mortgages in 2017, with client demand for longer, five-year fixed-offset contracts that gave them peace of mind but the agility they needed with the offsets. This is really a great time to check out your incumbents who could be benefiting from the mortgages and give them good value for money and useful tips for these insecure periods.
In this spirit, I would strongly encourage you to take a look at the Scottish Widows Bank's highly competetive off-set products.