Remortgage now, fixed-rate borrowers advised

The time is right for many mortgage borrowers to seek a better deal, according to a national newspaper.

The Metro says that banks and building societies are set to charge high rates in the wake of the global credit crisis, even as the base rate looks set to come down.

One expert told the paper that people who have mortgaged at a high rate may well be feeling "nervous".

Jenny Challenor, mortgage strategist at financial group Torquil Clark, says: "If you are paying a standard variable rate (SVR) mortgage then it''s best to get into a better deal now."

Borrowers can rearrange their mortgages up to four months before coming to the end of their current term, she says.

And she advised the many borrowers coming to the end of their cheap fixed-rate periods to attend to their new deals as soon as possible in order to get the best possible rates.

Meanwhile, Birmingham Midshires has stated that the demise of the stereotypical 2.4 child family means that the days of the standard mortgage product are numbered.

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