Should I remortgage now or wait is a question we’ve been asked a lot over the last year. In fact, it’s shaped the way that we approach our clients who are due to remortgage.
We’ve always had the process of getting in touch with clients 6 months before their fixed rate expires, just to let them know that we’re still here and that we’ll get cracking with their remortgage around 3 months before their deal expires. However, when rates began rising last year, we made it our practice to reach out 6 months before your deal expired to secure you the lowest rate possible, with the promise that we would review the deal should anything cheaper come onto the market, without charging an additional fee*.
We’ll often have clients approach us before the 6 month mark to see whether it is worth remortgaging now or waiting and, unsurprisingly, our advisers take a numbers based approach to this.
As fixed rate deals have early repayment charges, it is important to consider the fees that would be incurred should you remortgage early and weigh up which decision will save you the most money in the long run.
For some, securing a lower rate will be worth paying the Early Repayment Charge, simply for the peace of mind that it brings. For others, it makes more sense to wait and see what deals are available 6 months prior to the end of their deal.
Our advisers can talk you through the numbers but at the end of the day the choice is yours to make.
Unfortunately, with mortgage rates, we don’t have a crystal ball to see whether things will settle down or not. There’s no denying that it’s a turbulent time at the moment, with rates changing at a rate of knots and headlines predicting a potential Base Rate rise to 6%, it’s a bit of grim reading and, understandably, anxiety inducing.
This is a time when seeking advice from an independent, qualified, regulated adviser is worth it’s weight in gold. We can run the numbers for you and, most importantly, help you understand what they mean for you in real life terms. Whether that is remortgaging with the same lender or finding a better deal else where - you don’t have to try to figure it out on your own, we’re here to help.
Simply drop your adviser an email (check out the About Page if you don’t have it to hand), give us a call or complete the form below. We’ll get back to you as soon as we can to help you figure out your next step.
*subject to terms & conditions