Have you thought about remortgaging?
If you’re reaching the end of your current fixed, tracker or discount product term, the option to remortgage may provide a better deal, rather than paying the standard variable rate of your current lender, which can often be higher.
Now may well be the perfect time to remortgage, especially if your concerned mortgage rates will increase. Mortgage offers are generally valid for up to 6 months, therefore if rates do increase, you will already have yours secured.
Some tips to remember when you’re remortgaging:
- 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. The base rate rise has already triggered lenders to launch new deals, both to retain existing customers and attract new borrowers – check out our deals above and see how much you could save
- 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
- 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
- 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 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
With our experience and expertise with contractors, we could advise on the most suitable options for you.
We are CMME, one of the UK’s leading mortgage specialists for contractors, freelancers, and self-employed professionals.
- We’ve helped over 100,000 independebnt professionals
- Access to some of the most competitive rates in the market
- End to end tailored mortgage service designed for contractors and self-employed professionals
- 93% of client applications are successful
- Rated 4.9 / 5 by CMME clients on Feefo!
Speak to CMME.
Whether you’re ready to remortgage or want to discuss the options available to you a mortgage review with one of our expert adviser could help you.
Complete the form below telling us when’s the best time to contact you, or call us directly on 01489 555 080.