7 August 2017

A guide to finding a new mortgage deal… Re-mortgage


Has your fixed interest rate expired or about to expire on your current mortgage deal? Monthly payments increased? 

If this is you then these are your options…

• Do nothing when your fixed interest rate expires, you will then move onto your lenders variable interest rate which is most likely higher than the rate you are currently on. This will see your monthly payments increase and also leave you susceptible to interest rate rises which at every increase of interest rate set by the Bank of England would see your monthly mortgage payment increase.

• Sign up to a new mortgage product with your current Mortgage Lender.

• Get in contact with an independent mortgage adviser and shop around for a better deal. This is called remortgaging and will save you money in the process. 


All costs should be fully considered when remortgaging, the interest rate, the fees, the incentives, the exit fees, and the remaining loan balance after the fixed interest rate.

Mortgage Lenders these days openly compete with each other for your custom, and are prepared to offer incentives to make it worthwhile you moving away from your current mortgage provider. These incentives can include free legal fees, free valuation, no arrangement fees and cash back.

The short term environment around interest rates has somewhat been shaken up in the last year following the Brexit vote to leave the EU, which has lead to short term uncertainty and interest rate decreases of 0.25%. The long term view is still very firm that interest rates will rise, so when considering your next mortgage product it’s wise to explore all of the options available to you, and seek remortgage advice.

Don’t hesitate any longer, contact us now to make that initial contact, we are standing by and would be delighted to hear from you.

Visit The Mortgage Clinic here

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