Could Now Be The Time To Remortgage?
Moving your mortgage could result in saving you money. We have seen a number of lenders reducing their mortgage interest rates recently for both fixed and tracker products, many of which are now offering their best remortgage rates which are lower than most lenders’ standard variable rates (SVR). We ask, Could now be the time to remortgage?
This means if you are currently on an SVR mortgage, now is a great time to consider re-mortgaging to another lender or transferring your mortgage with the same lender.
Last year we saw a number of lenders also increasing their standard variable rate (SVR), meaning your monthly mortgage payments would increase if you are a borrower on SVR with these lenders.
Despite the Bank of England Base Rate staying at an all-time low, we have seen lenders SVR increase up to 5.69%* and we may see more increases later this year.
It is always a good idea to keep your mortgage under review to see if you are on the best rate for your circumstances. There are many options currently on the market, including product transfers with your existing lender. These types of offer can often mean there are no upfront fees to pay.
We can take the hassle out of re-mortgaging and can help find the best deal for you. We are able to provide a full advice service and guide you through all the options available. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance and protection so why not contact us today?
Your home may be repossessed if you do not keep up repayments on your mortgage.
*5.99% – current SVR for Leeds Building Society