Remortgaging Your Property
If your fixed rate mortgage term has less than three months to run, then now is the perfect time to find out your options.
Typically mortgage lenders will offer favourable interest rates for an initial term of between two and ten years to encourage you to purchase their mortgage product. After this period, you will usually find your mortgage reverting to the lender’s standard variable rate resulting in your monthly repayments rising. In the few months before your initial term is due to expire, we recommend investigating the market to see what other mortgage deals are around to help secure the best deals for you.
Remortgaging Your Property
Simplicity
Remortgaging your property doesn’t need to be a complex process. In fact, you may be able to secure another fixed rate to guarantee your mortgage payments either by transferring onto another mortgage offered by your current lender, or by moving to a different lender offering a better deal.
Raising capital
Remortgaging a property can raise capital to fund a buy-to-let property, clear off debts or even buy a new car. Releasing equity in your home can be a great way to fund home improvements that can make your house feel like you’ve moved into a brand new home!
Interest rates
When your fixed rate mortgage term ends, your mortgage will usually move onto your lender’s standard variable rate. This is typically a higher interest rate than fixed term rates and therefore increases your monthly payments. To avoid this and secure another deal, speak with us today and we’ll arrange a consultation to discuss your options.