Mortgage Rates At All Time Low
But For How Long...?
"NOW is the time to remortgage before rates rise again"
1. Remortgage to save money...
4 million UK homeowners are paying more interest on their mortgage than they need to.
How much?...A staggering £2.78 billion of interest being paid by people on the wrong mortgage deal.
The good news...On average a UK homeowner could save £216 per month by switching to a better mortgage deal.
That is a saving of £2,500 annually...!!!*
Has your initial mortgage deal come to an end?
When you took out your mortgage there is a good chance that you were given a fixed initial rate deal e.g. 2,3 or 5 years.
At the end of the initial rate you will usually switch to the lender’s Standard variable Rate (SVR) of interest...
The current average lender SVR is 4.40%
This means you will have to pay more interest on your mortgage repayment each month.
By simply remortgaging you could save a small fortune!
So what deals are available?
By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to...
benefit from lower interest rates and lower monthly mortgage repayments.
2. Remortgage to raise money...
By remortgaging you may be able to release capital in your home.
This could be useful if you are looking to carry out:
- Home improvements
- New Kitchen
- New Ensuite bathroom
- New Extension
- Help your child with their own mortgage deposit
- Consolidate other existing debts.
A remortgage is often the most cost effective way to borrow.
What deals are available for raising additional money?
- NatWest currently offer a 2 year initial fixed rate of 1.41% APR on a 60% loan to value basis. for more details of how you can raise capital by remortgaging call NatWest FREE on 0800 158 2934
3 Points to consider when remortgaging
- Remortgaging could save you a substantial amount of money on your repayments each month.
- Even if your new mortgage deal takes just a few percent off your current deal, that could add up a significant saving over the life of the mortgage.
- If you are currently on your lender standard variable rate it is likely remortgaging could be an attractive option in reducing your monthly interest repayments.
Not sure what to do?
If you do not want to speak to a lender directly you can speak to a qualified mortgage adviser to talk through your options - see the lender deals below or speak to a whole of market mortgage broker on 0117 332 6063
*Research carried out by London & Country March 2017