Remortgages & Rate Switching
Remortgages and Rate Switching can be really quite easy. The first, and probably most obvious time to think about a remortgage or rate switch is the end date of your existing mortgage deal.
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Why remortgage or rate switch ?
Remortgages and Rate Switching can be really quite easy. The first, and probably most obvious time, is the end date of your existing mortgage deal. This is an ideal time to switch products. By not remortgaging at the end of your current rate term, it’s likely you’ll end up on your lender’s Standard Variable Rate. Probably meaning your repayments will go up.
If you’re on a deal without a set end date, it can be a bit more difficult to know when’s a good time to change deals. But if you keep an eye on our mortgage sourcing system it’s possible to spot when’s a good time.
Changes in personal circumstances can signal when it’s time to remortgage. House prices might have increased. You might have paid off enough of your mortgage to be able to move down a Loan to Value tier. Or you may want to borrow more money, for example for home improvements.
Remortgaging can provide a perfect opportunity to increase your mortgage.
Things you need to to consider
There may be times when you’re in the middle of a deal with a set end date, but mortgage rates have decreased. This could mean there’s a chance of saving money by remortgaging early. However, watch out for early repayment charges. So, before you take the leap, speak to a mortgage adviser. Make sure you’re saving money by switching mortgage deals.
Similarly, the best remortgage deals don’t always have the lowest rates. High arrangement fees need to be considered. The true cost of a remortgage could end up higher even if the rate is lower, when fees are involved. Look at the big picture to get a better idea of what you’re getting yourself into.
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