Time to Review your Mortgage?
Reviewing & switching your mortgage could save you thousands!
Getting a mortgage is a huge achievement towards buying a home. At the time, your mortgage may have been highly competitive and one of the best on the market. However, the market is always changing and it is important to regularly review your mortgage. By reviewing your remortgaging options you will benefit from saving a huge amount of money, which could amount to thousands of pounds.
Remortgaging is the process of moving your mortgage from your existing lender to a new mortgage lender while remaining in the same property. If you haven't reviewed your mortgage and have been in the same property for a while, how sure are you that your mortgage is still the most competitive rate available?
We would always recommend reviewing your mortgage when interest rates change as this is a factor that affects how much you pay. The base interest rate is set out by the Bank of England. This rate is the benchmark for the cost of borrowing money, which means the lower this base rate, the lower the interest rates will be.
Mortgage rates are affected when the base rate rises. Due to inflation we are starting to see the base rate go up, as a result mortgage rates are likely to follow. If you have been a homeowner for a few years, it is important to keep note of when your fixed rate mortgage is coming to an end as your mortgage will revert to your lender's standard variable rate (SVR) of interest. You should plan your mortgage options a minimum of four months prior to the end of your fixed interest rate period.
Reviewing Your Mortgage
There are so many reasons why you should be regularly reviewing your mortgage options, such as:
- In recent times mortgage lenders have begun rising their rates in anticipation of The Bank of England base rate increasing
- Moving to a more competitive scheme could save you thousands of pounds compared to remaining on your current lenders standard variable rate of interest
- If your fixed rate mortgage scheme has come to an end you could benefit from a new lower fixed rate by switching to a new mortgage
- Remortgaging with a new fixed mortgage rate provides you with peace of mind in the event of further base rate increases
Why not see how your current mortgage deal compares to new deals that have come onto the market? Whether you are tied in or not, now could be the perfect time to lock in a low interest rate for many years, giving you peace of mind during these uncertain times!
Your mortgage is likely to be your biggest financial commitment - save yourself huge amounts of money by reviewing your mortgage.
Alternative Mortgages Available
Are you ready to look at what options are available or to switch your mortgage? Transparent Mortgage Services are here to help and discuss your options. If your current mortgage deal is coming to an end now is the best time to check out the latest offers available! We can also help if it has already moved to a follow-on rate. Contact our friendly team of mortgage advisers today - email email@example.com or telephone 01424 444 597.