Remortgage deals - rebalance your finances

With rising energy costs and increased pressures on the household budget, it is becoming more and more difficult to balance the finances. For most people, their mortgage payment will be the largest monthly financial outgoing. So if you haven’t looked at your current mortgage deal for a while, now is the time to review and hopefully put some hard-earned cash back in your pocket.


How to remortgage your home for the best rates
Many of us are used to comparing energy deals, car and home insurance and think nothing of switching each year to get the best deal. Applying for a remortgage deal is just as easy and you don’t necessarily need to switch from your existing lender.

If you’re not locked in to a fixed or discounted rate deal with an early repayment charge we recommend you review your mortgage when:

  • Your current mortgage rates come to an end - as your rate may increase
  • Once a year to compare general deals - New deals come onto the market all the time, so it's good to check that your deal still remains the best
  • When interest rates change - this can affect how competitive your deal is.

What kind of difference can switching make?
When you first secured your existing mortgage deal it was probably the most competitive rate of interest you could find, unfortunately that doesn’t mean that it still is. It’s good to regularly review your mortgage and switch when a better deal is available on the market - it can save you money.

If switching from a 5% to a 3% deal :
Payments on a £175,000 loan at 5% is £1,115 a month. At 3% payments are £971 a month. This could save you £144 in monthly payments (not including potential remortgage fees) which is £1,728 a year!

Savings like this can go a long way to rebalance the finances or make a longed for holiday or home improvements become more of a possibility.

As well as reducing your monthly payments, it’s worth also looking at the number of years your mortgage has to run. Adding years can help reduce your payments in the short term and reducing years can help you pay off your mortgage faster.

Secure your first mortgage now for the best deals

With prices growing, securing your mortgage quickly is essential to getting a good deal. Most mortgage providers lock in your deal for at least 90 days allowing you to search for properties with a firm budget in mind.

When we say ‘secure quickly’, we still don’t mean rush into the first ‘good deal’ that you find.

We negotiate mortgages every day for every type of buyer cover every type of mortgage. So whether it’s your first time buying a home or you are looking to re-mortgage we will provide you with the latest independent and unbiased advice. Contact us today.

Don’t miss out on our exciting offer. Book an appointment with our advisors in February and secure 50% off our mortgage broker fee (Quote FEB50DEAL).

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