Remortgage – this is taking out a new mortgage on your home to replace your existing mortgage.
It is always beneficial to contact a mortgage broker 6 months before your existing mortgage rate is due to end to find the most competitive mortgage deal available.
Many borrowers are currently on low mortgage rate products and as a result could face a significant increase in their monthly payments if they do nothing or leave it too late and revert to the lenders Standard Variable Rate (SVR). With a third of all mortgage customers on SVR it is worrying!
In times of economic uncertainty setting a new deal right now can give you peace of mind and can potentially save you thousands.
Other reasons to remortgage could be to release funds for home improvements, to give you the flexibility to consolidate debts into a single affordable payment or perhaps to switch to a product more suitable for your current situation.
Free initial advice and always pressure free….