Considering switching to a new mortgage deal?
Whilst mortgage rates have generally increased in response to the recent base rate rise, you could still be likely to find a better deal than you have today, especially if you’re sat on a standard variable rate (SVR) which is vulnerable to rate increases at any time. Use the calculator above to see how much you could save.
Use a specialist broker
If switching to a new lender, they will want to assess your affordability, income and bank statements as they don’t know you like your current lender does. If you have complex or irregular income, it may be worth using a specialist broker to ensure the lender takes a holistic view of your income and borrowing potential
Prepare for fees
Don’t overlook exit fees and early repayment charges, but depending on when you last fixed your deal, it may still be worth switching and paying the penalty to your current lender, as you could still make savings. This is especially true if you have already moved onto your standard variable rate, as it is highly likely you could obtain a lower rate with your current lender or a new lender
Fixed or variable – choose wisely
Opting for a fixed or variable rate is down to personal choice and circumstances. A fixed rate guarantees security against rising interest rates but carries early repayment charges for exiting the deal early. Most variable rate mortgages, with the exception of discounted and tracker variable, do not have early repayment charges at any time and therefore offer flexibility to repay your mortgage or change lender with no penalty. It is important to take advice and shop around yourself or use a specialist broker
We’re happy to call you
To find out about our competitive remortage deals, speak to a CMME consultant today. Complete the form telling us when’s the best time to contact you, or call us direct on, reference ClearScore.