Remortgage Now

Is your current mortgage product due to expire within the next 6 months? If the answer is yes, it would be beneficial to review your mortgage product and options as soon as possible to ensure you avoid any further rate increases.

It’s no secret there has been increases in interest rates across the market in the last 6 months. This is mainly due to the Bank of England base rate increasing, after a decade of record low rates.

If you remortgage, your new interest rate will be secured at the point you make the mortgage application. Remortgaging in simple terms is when you replace your current mortgage product with a new mortgage product and usually with a new lender. For most, they will only go through the remortgage process when their current interest rate/product comes to an end.

If you product is coming up for renewal and you remortgage early, we would recommend a delayed completion to ensure you avoid any early repayment charges you may have with your current lender, and set the new product to start the day after the current one expires. This will safeguard you against any further interest rate rises, but also allows you enough time to complete the mortgage application and legal processes.

If you leave your remortgage too late, it’s likely that your mortgage application and legal work will not be completed in time resulting in you reverting to the lenders standard variable rate which are considerably higher and could mean hundreds of extra pounds worth of interest.

Rates continue to rise and there are reports this is likely to last until at least the end of this year and into next.

As responsible Advisors, we would initially need 15 minutes of your time to discuss your circumstances and would require information from you including your income and outgoings and some details on your current mortgage. We can then begin to assess your options with new lenders compared with what your existing lender is offering to establish what the most suitable route is for you.

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