Could you save money by remortgaging?
What is remortgaging?
Remortgaging is when you take out an additional or different mortgage on a property you already own. For example you might remortgage when your current mortgage deal is about to come to an end to see if you can find a better rate or more suitable product, or you might remortgage to fund some improvements to your home.
Remortgaging need not be a hassle. In fact, it’s something we should all think of regularly to make sure we’re still on the best mortgage deal.
Mortgage interest rates have been at historic lows, or near historic lows for some time, but on 4th August 2016 the Bank of England announced that the base rate will be reduced to 0.25%. The base rate and mortgage rates are often closely linked and the number and kinds of deals available changes on a daily basis – this means it’s a great time to speak to an independent broker to see if there is a new deal out there which could help you save on your monthly repayments.
It’s important, especially given the low rate deals on the market at the moment, to start shopping around for a new offer before you get transferred onto your lender’s standard variable rate (SVR) – this could be higher than your current rate. Depending on what rate you’re on at the moment you could even save overall by moving to a new mortgage even if it means paying a fee – our expert advisers can review this for you and talk through your individual circumstances and needs.
Why not let Which? Mortgage Advisers do some of the hard work for you, and make sure you’ve got the very best mortgage for you.