In recent years, many borrowers have taken advantage of highly competitive discounted or short-term fixed rates. While these rates have served them well for two or three years, many will be coming to an end in the months ahead and will need to decide the best course of action going forward.
In today’s competitive market, many borrowers choose to switch their mortgage every few years in order to take advantage of new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant margin in some cases.
In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner, you may want to consider taking this step for a number of reasons, such as:
- To save money
- To raise money
- To avoid moving home
- To consolidate your debts
- To make home improvements
Remortgaging is much simpler than buying a new home because the deeds of the property are already registered in your name. However there is still work in switching lender if this is the route you choose, and often this can work out more cost effective.
For borrowers with tracker mortgages, if interest rates looked set to rise in the short to medium term then they could potentially avoid the inevitable increase in their monthly repayments by tying into a new fixed rate deal.
Large Mortgage Loans can help you find the best deal for your remortgage whether it be with your existing or a new lender, and liaise with third parties on your behalf to help the process of switching run as smoothly as possible.
Our highly experienced Mortgage Managers aim to make arranging your mortgage simple, however complex your needs. We will take the time to review your circumstances fully and take a holistic approach, to help arrange a mortgage most suited to your needs, at the best rate. Call us on 020 7519 4985 or send us an email to speak to one of our specialist Mortgage Managers, and find out what your best options are.
Think carefully before securing other debts against your home.
