Remortgaging

The number of people remortgaging their homes to help ease financial burdens continues to rise as homeowners seek to take advantage of fixed and tracker rate mortgages ahead of any further base rate increases in the coming year. Everyone is now more focused on costs due to the pressures brought about by the cost of living crisis. By August 2023 the Bank of England has had 13 consecutive rate rises bringing the Bank’s base rate to 5% which was the highest rate since 2008.

There is another different but very important reason for re-mortgaging – and that is SVR (Standard Variable Rate mortgage). Are you aware that those on the standard variable rate are likely to be paying the most as these rates tend to be much higher than others on offer. You could potentially save money by taking advantage of the competitive remortgage rates on the market or even using a product transfer if your existing lender offers this facility. Are you one of the expected 1 million customers languishing on the higher variable rate in 2023?

If you are on the standard variable mortgage rate you are potentially throwing money away. If you are on the lenders higher standard variable rate it is highly likely that there can be an immediate saving by remortgaging. In addition, if you are planning to remain in your existing property it is now possible to remortgage for most purposes including releasing equity for home improvements or debt consolidation or for reducing your monthly payments without increasing the term of your mortgage.

Think carefully before securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

So why not contact us for a quick review of your circumstance and we can confirm if we can save you money by either remaining with your current lender and utilising a product transfer onto a preferential rate or by reviewing the whole of the mortgage market and remortgaging to another lender giving you the most competitive rate to suit your circumstances.

In addition we are dedicated to creating a long term relationship that will deliver excellence to you. We will always add you to our diary system, this will ensure that 3 months prior to you returning to your lenders higher standard variable rate we will give you new options to ensure that you are always on the most competitive rate saving you money.

Contact us now and see what savings you can make.