5 Reasons to Remortgage Now
If you're like most people, your mortgage will be your biggest financial commitment and your biggest monthly expense. The good news is, you may be able to make save £100's per month by remortgaging.
In fact, many financial experts are advising that NOW is the perfect time to remortgage - and here's why...
(Oh and if you're interested to know how much you could save then a simple phone call is all it takes. One of our expert advisers will be happy to support you - no matter what your circumstances. Call us today on 01636 67 44 55.)
1) Interest Rates are Likely to Go up Soon
The Bank of England raised interest rates to 0.75% last year - which was only the second increase in a decade. However, they've indicated more increases are coming - with at least one planned for 2019.
By remortgaging now you may be able to secure lower fixed rates before the base rates go up.
2) You Want to Switch from an Interest Only Mortgage
Actually, your current lender should be able to make this switch for you without the need to remortgage. You may also be able to leave part of your mortgage as interest only and change the rest to capital repayment.
3) Your Current Deal is About to End (Or Has Already)
Once your current fixed rate ends, your lender will move you on to their Standard Variable Rate (SVR) and this will probably mean an increase in your monthly payments. A typical SVR is around 4.9% but borrowers who move to a short term fixed rate will get average rates of around 2.5%.
For a typical borrower with a £200,000 repayment mortgage, this equates to monthly savings of £257.30 compared with sticking with the SVR.
4) The Value of Your Home Has Increased
If the value of your property has gone up a lot since you took out your current mortgage then you may qualify for a lower Loan to Value (LTV) band, which could mean lower rates are now available to you.
If you think this might be you, then give us a call on 01636 67 44 55 and one of our advisers will be happy to check for you.
5) You Want a Better Rate
If you're unhappy with your current rate then don't feel like you're trapped! Even with early settlement fees, you may be able to save by remortgaging to a lower rate. It's always wise to act with caution to make sure that the savings you make with your lower monthly repayment outweigh the cost of the repayment fee.
If you're not sure whether you can save money by remortgaging to a lower rate, then give us a call and we'll find the right solution for you.
HOW MUCH COULD YOU SAVE?
Call us today to speak to one of our friendly, expert advisers and find out how much you could save on your current rate.
(Or just complete the simple form below!)
Or just book online below!
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We'd love to help you buy your perfect home in Newark! To chat to one of our friendly advisers, book your free consultation today...