Mortgage rates are now at record low levels, following two Bank of England rate cuts in March to bring the base rate down to 0.1%.
- Your current deal is about to end
- You are looking for a better rate
- You want to overpay, but can’t do this on your current mortgage
- You want to borrow more
- Your home has increased in value and your loan-to-value ratio means you can get a better deal.
Lenders have adapted
In such a fast-changing environment, those who are considering remortgaging over the next few months would be well advised to assess their options now. Remortgaging can take around eight weeks, so it’s best to contact set the wheels in motion sooner rather than later.
Advice is essential
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
- Two Bank of England rate cuts in March brought the base rate down to a record low of 0.1%
- Borrowers whose mortgage deal is nearing its end, or on an uncompetitive standard variable rate (SVR), should consider their options
- A remortgage is a new mortgage on a property you own – to replace your existing mortgage, or to borrow more money
- Reasons for remortgaging include, a deal ending, a better rate, wanting to overpay or borrow more
- Lenders have more products available again and have adapted systems, such as automated valuations
- Consider your options now – remortgages can take around eight weeks
- There are pros and cons, the market is changing and is complex
- Good advice is key, get in touch