Mortgage lenders will usually offer you a favourable interest rate for an initial term of between two and ten years, to encourage you to purchase their mortgage product. After this time your mortgage will normally revert to the lender’s standard variable rate and you could see your monthly mortgage payments rise. A few months before your initial term is due to expire is a good time to see what other mortgage deals are around and what your options are for remortgaging your property.
Remortgaging your property can now be a relatively simple process. You may be able to secure another fixed rate to guarantee your mortgage payments, either by transferring onto another mortgage offered by your current lender or by moving to another lender.
Remortgaging can also be a great way to raise capital for home improvements or to clear debts.
With interest rates currently at a historic low, now could be a great time to remortgage and secure a long-term fixed rate mortgage at less than 3%.
Whether you’re looking to secure a great rate, extend or reduce your mortgage loan amount, our advisers can talk through your options and help you find the best deal for your personal circumstances.