Our latest guide explains why remortgaging is important and what you need to consider.
It won’t have escaped your notice that interest rates have been increasing at a steady rate over the past eighteen months. In November 2021, the Bank of England base interest rate was just 0.1%. However, a series of increases to tackle inflation means that by June 2023, it has increased to 5%.
This has obviously had a direct effect on mortgage interest rates – and thereby the repayments for thousands of homeowners. Indeed, the average rate on a two-year fixed-rate mortgage rose to 6.66% yesterday, hitting a 15-year high. Looking to remortgage therefore makes sense for many variable rate mortgage holders.
The Office for National Statistics also estimates that 1.4 million fixed-rate mortgage deals will end in 2023. More than half (57%) of the deals expiring were fixed at interest rates below 2%, and those mortgage holders are unlikely to find comparable deals now.
The upshot is that many people will be looking to remortgage over the coming months. If you are one of them, our latest guide can help, as it takes a detailed look at remortgaging and what you need to consider.
It’s important to set out your reasons for remortgaging and what’s important to you when you’re searching for a new deal. It can help you and your mortgage broker identify which options could be right for you.
Our remortgaging guide highlights the six practical steps that you should take if you’re ready to remortgage. Before submitting a mortgage application, completing these six tasks could help give you a clearer idea about the mortgage you want and narrow down your search.
Our guide also outlines five valuable reasons why you should use a mortgage broker when you remortgage.
Please click on the link below, in order to read or download our comprehensive guide to remortgaging.
And if your current fixed rate mortgage is due to expire, why not give us a call to discuss how we can help you reap the benefits of remortgaging?
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
Think carefully before securing other debts against your home.