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5 Reasons it’s the perfect time to remortgage

reasons to remortgage

As we enter our fifth week of 'lockdown', the coronavirus continues to play havoc with people's lives - and not just their health. The economy has already taken a huge hit and experts are expecting the effects of the last couple of months to be felt for a long time still to come. It's not all bad news however, and in fact many people are taking advantage of the current economic climate to make some real savings.

In this post, we'll be sharing 5 reasons, why you might want to make the best of a bad situation and remortgage...

1) Interest rates are at an all time low

The Bank of England have reduced interest rates to just 0.1%, which is the lowest they've ever been. This means it's the perfect time to move to a fixed rate if you can so that you can secure longterm lower rates on your mortgage.

2) Equity release

If the value of your home is greater than the amount of your outstanding mortgage then now could be the perfect time to secure a low rate and release some of your equity to support your household finances during these very difficult times.

3) Mortgage choices are more limited

A number of lenders have withdrawn products over the last few weeks which means the range of mortgages currently available is much smaller. In fact, research from Moneyfacts revealed recently that the number of mortgage products available in the UK had reduced by more than half from 5,222 to 2,438.

To avoid missing out on deals which may also be withdrawn in the coming months, it's a good idea to act now if you're looking to secure a better rate on your mortgage.

4) If you bought your home with a small deposit

If your current mortgage deal is due to run out soon and you originally bought your home with a small deposit, you could be in for a shock when your lender moves you to their standard variable rate.  There's a good chance that you'll see a significant increase to your monthly payments.

By remortgaging now, you may be able to assure a lower longterm rate.

5) It could make a real different if you're currently experiencing financial difficulties

Many people are facing some serious money worries right now, with businesses closing and employees being furloughed or even made redundant. If your own finances have taken a hit, then there couldn't be a better time to reduce your monthly mortgage payment. After all, for most of us, this is the biggest monthly outgoing that we have.

We're here to help

Here at BB Mortgages, we're staying on top of all the current changes in the mortgage industry and we'd love to help you to take the stress out of remortgaging - and find you the best rate possible of course! 

We offer free consultation calls where you can chat with one of our expert advisers about what options are available for you. And the best part? Everything can be done online! We can verify all your documentation without the need to see you in person, so it really couldn't be easier!

Book your free consultation to speak to one of our experts

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We'd love to chat to you about finding you the perfect mortgage for your needs. Click below to book your free consultation with one of our expert advisers.

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Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.


Ellen King

BB Mortgages
2019-09-04T15:53:10+01:00

Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

BB Mortgages
2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

BB Mortgages
2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

BB Mortgages
2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

BB Mortgages
2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

BB Mortgages
2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.
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BB Mortgages

Meet Dean;⠀

Dean joined BB Mortgages in April 2017 following time in the financial services industry with The Nottingham Building Society and Yorkshire Bank. ⠀

He qualified as a mortgage advisor to help clients buy their home with the knowledge they would receive great advice and service that Dean prides himself on.⠀

Outside of work, he enjoys spending family time with wife Sarah and son Harry on days out and holidays. He is also a season ticket holder at Nottingham Forest which isn’t always an enjoyable pastime!⠀

Dean would LOVE to talk anything Mortgage-related and would be happy to answer any of your questions, so feel free get in touch today!⠀

Simply visit the link in our bio to find our contact details!
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