It’s reported that a staggering £29 billion worth of fixed rate mortgages could be coming to an end in 2022, which means that more people than ever will be on the hunt for a new deal.
Are you one of them?
Here’s our whistle-stop guide on some of the benefits switching your mortgage can offer and how to find out when it’s time to renew yours.
What are the benefits of remortgaging?
Save money
Even though the Bank of England recently increased the base rate, interest rates are still fairly low, so it’s worth speaking to your mortgage adviser to see if you could switch to a lower interest rate before your deal comes to an end.
Fixed mortgage payments
If you choose a fixed rate mortgage, your payments will be the same for a set period of time. This could be for two, three or five years, or maybe even longer depending on the lender.
Fund your renovation project
Many homeowners are deciding to renovate their home instead of moving. The ‘don’t move, improve’ approach.
By remortgaging, you can release some of the cash you’ve built up in your home. This can help fund your renovation, whether it’s an extension, loft conversion, or maybe a state-of-the-art kitchen. By the time it’s done you’ll have fallen in love with your home all over again.
Here are some questions we get asked about remortgaging…
How do I know when my mortgage rate is ending?
The first place to look for your mortgage product end date is on the paperwork sent by your current lender when the mortgage was set up. Alternatively, some lenders may provide access to your mortgage account via online banking.
When can I start to look for a new mortgage deal?
You can start looking for a new mortgage six months in advance. This should give you plenty of time to find the right deal and complete the paperwork before your current mortgage deal ends.
How long does a remortgage take?
It can take an average of six to eight weeks for a remortgage to complete, dependant on the circumstances.
I’m ready to remortgage – what do I do?
Make an appointment to speak with a mortgage adviser. Our advisers can offer appointments at a time that best suits you, including evenings and weekends. To book your free, initial no-obligation appointment now, give us a call on 0114 358 3237 or send us an e-mail.
Time for a new mortgage?
Ask yourself, “since I took out this mortgage, what’s changed?”
Perhaps there’s been a change in your finances, such as a pay rise, an increase in savings, or maybe you’re now self-employed. Any change to your circumstances could mean that your current mortgage isn’t right for you anymore, and there could be something better
Our team of expert mortgage advisers in Sheffield offer a free, initial no-obligation appointment where they listen to your needs and help find the right mortgage for you.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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