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  • Writer's picturePenn Financial

Mortgages | Is Now a Good Time To Remortgage?

Updated: Aug 8, 2023

The decisions you have to make when considering remortgaging are particularly crucial at this time due to rapidly changing economic conditions, changing interest rates, and fickle mortgage products. Making the right choices now could result in significant savings on your monthly mortgage payments.

Before proceeding with remortgaging, it is important to address at least the following important questions:

1. What are the expenses associated with remortgaging?

From fees for early repayment, and conveyancing costs, to arrangement fees, seeking assistance from a mortgage advisor in advance can potentially save you hundreds of pounds, if not potentially thousands of pounds during the remortgaging process.

2. Can I switch to a fixed-rate mortgage?

If you are currently on a standard variable rate, which tends to be more expensive compared to available discounted deals, you may have the option to switch to a fixed-rate mortgage. It is essential to weigh the advantages and disadvantages of fixing your mortgage.

3. How long does the remortgaging process typically take?

It is advisable to initiate the process at least eight weeks before your existing deal expires to ensure that you have ample time to find the right mortgage product that meets your needs and personal circumstances from the thousands of mortgage products that are available - and then to complete the necessary conveyancing procedures. What are the steps involved in this process?

4. Is it advisable to remortgage given the current economic climate?

Depends. The million-dollar question!

Some people believe that mortgage rates are expected to rise further. If that is the case then with the average two-year mortgage rate surpassing 6%, it is crucial to thoroughly explore various mortgage options to secure the best deal that suits your needs.

Please contact us to speak to an advisor to assist you in finding the best deals available to you.

0333 34 44 34 8

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.

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