Now may be the best time to remortgage and save money on your monthly mortgage payments with interest rates remaining low.
The Bank of England have held the base rate at 0.1% after reviewing this last week.
There were predictions that this would increase by 0.25% but this is not the case. The committee in charge of the decision voted 7 to 2 in favour of keeping the base rate at the current level.
Many mortgage lenders expected a rise and increased their own rates slightly in anticipation of the move – however, despite this, we still have some of the lowest rates we have ever seen.
These rates seem unlikely to come back down, as the expectation is that the base rate will increase in the near future, with a predicted second rate rise later in 2022.
With these predictions, it is really important to speak to us to see if you have the right mortgage for your needs and if we can secure you a great rate before rates potentially rise in 2022.
We would love to help you so call or email us now.
We have been helping John and Tracey Williams for 5 years and last week we helped them remortgage their current property. By doing so we saved them over £50 a month on their monthly payments. We asked John the importance of this to them and he said “this has really helped us…it was much better than sticking with our current product and has really helped us save money each month which means we can also make overpayments on our mortgage to pay this off quicker”
We love this as we always want to make sure you have the best mortgage for your needs. John and Tracey also very kindly left us a Trustpilot review sharing how happy they were and you can read this here
You can also read about how to pay your mortgage off quicker in our ‘5 ways to pay off your mortgage quicker’ article.
So how does remortgaging work?
Remortgaging is where we move your current mortgage product (whether that be a variable, tracker or fixed rate product) to a new mortgage product – either with the same or a different lender.
In this case we would be looking to move you to a new mortgage product with a better rate or features more suited to your needs.
How early can I remortgage?
We get asked this a lot! You can remortgage at any time but every mortgage has its own features and some have charges for repaying too early. We can look at everything and it may even be better to pay these charges if we can secure you a low rate which would mean overall you would be better off in the long run. Of course, these may outweigh the savings made when remortgaging – but we can consider all of this with you.
How do I remortgage?
As a whole of market broker we have access to every mortgage product on the market as well as access to exclusive rates you won’t get by going direct to a bank.
If you or anyone you know would like to review if you have the best mortgage for your needs get in touch now!