Remortgages For Better Interest Rates

Once your mortgage’s redemption period has expired, you can remortgage to get better interest rates.

As interest rates rise, it’s no wonder that homeowners are looking for ways to reduce the amount they have to pay on their mortgage. Worries about future interest rate rises may encourage people to switch from a variable rate mortgage to a fixed rate mortgage, or just to look for a variable rate that’s lower that the one they are currently on. If you are thinking of remortgaging so that you can save some money, you should talk to a mortgage expert.

How you can remortgage to a lower rate

You may have had your current mortgage for 2 years or 12 years. However long you’ve been a mortgage customer, you can usually find a better rate for your debt. Most mortgages come with an in-built redemption period, which means that you’ll get charged if you change mortgages before that date. If you wait until that period is over, you should be able to remortgage to a product with a lower rate, although you should double-check with your current lender about any fees they might charge in order to close your mortgage account. You’ll also need to consider:

• Remortgage type – don’t rush into applying for a certain type of mortgage just because it’s recently been in the press, or you’ve heard about it from your friends. Your mortgage is the biggest debt you’ll have and you should look at all the types of remortgage available to you before you make a choice.

• Timescale – it’s fairly straightforward to remortgage in today’s financial market, but you should still make sure that you know what the timescale is so that you can budget for paying your existing mortgage until the change is complete.

• Range of remortgages – the sheer number of remortgages on the market means that it can be complicated to compare one with another. You should think seriously about getting professional advice before you apply for a new mortgage.

Benefit from lower interest rates

Remortgages are popular because they often put you in a more secure financial position, and you can remortgage as often as you like, as long as it’s not costing you more money than its worth in fees and other costs. We’d all like to benefit from lower interest rates, so it’s always worth exploring the possibility of a remortgage if you’re worried about affording your current repayments.

If you are looking for remortgages, let the experts save you time and money by finding the right product for you. Homebank has only the best mortgage consultants ready to advise you on all your mortgage and insurance needs. For useful remortgage advice, call us to arrange a no obligation appointment to suit you. Homebank is the ‘people’s mortgage broker’ with over 3500 mortgage products to choose from, including products that are not readily available on the High Street. Homebank’s experienced consultants could find the ideal product for you – call us now on free phone 0800 052 3604 or enquire online.