Why Now’s the Perfect Time to Lock into a Cheap Remortgaging Deal Six Months ahead …

Cheap Remortgaging Deal

Cheap Remortgaging Deal? Wondering where You can find them or when it is the right time to remortgage. Thinking of remortgaging?? … but not sure you can go for it at the present time??

Maybe your current deal hasn’t yet reached its end? Perhaps you’re not quite sure of your plans?

Don’t let that stop you. You could miss out on what are record low deals right now.

Better still, you don’t have to.

Cheap Remortgaging Deal - Row of business people getting ready for race

Competition between Lenders is Intense

Competition between lenders now remains very high. This is resulting in an ever increasing volume of cheap remortgaging deals to choose from.

It’s why more of them are giving homeowners the option to ‘reserve’ their next fixed rate remortgage up to six months in advance.

In the past, borrowers approved for a new rate were usually given remortgage offers valid for up to three months.

But many lenders are now extending this remortgaging offer period to six months.

That means you’ll know that, even if rates go up during this time, you’ve got your deal pinned down.

It’s worth saying that not every lender offers this six-month grace period.

But many more of them are now, and most of the ‘big name’ lenders are doing so.

An ornate clock with the words Time to Renew on its face

The Right Time to Remortgage

With interest rates at record lows and unlikely to drop further, now may be the perfect time to lock into a cheap deal.

Doing this has two advantages:

  • Planning ahead means you’ll avoid slipping onto your current lender's standard variable rate (SVR), which will be, almost certainly, more expensive.
  • You’ll also be ahead of any interest rate rises and feel more confident about the uncertainty Brexit has brought.

With the second Brexit deadline looming in October, many experts expect it to have an impact on interest rates.

Some mortgages have a booking fee and others an arrangement fee. A booking fee is charged to reserve the rate and is usually non-refundable, while an arrangement fee, sometimes known as a completion fee, is charged only when the mortgage funds are released.

The word Refinance on the display of a digital calculator with a big red button reading How Much Can You Save on your house or mortgage payment

Cheap Remortgaging Deal & Remortgaging Need to Knows

If you’re ready to get going, you’ll first need to get your paperwork together

The remortgage process will go be much easier if you get all the paperwork you need together before you apply. Here’s what you should gather up:

  • Bank statements
  • Details of any existing debts, such as credit cards or personal loans
  • Information on your outgoings. This includes pension contributions, childcare costs, other regular outgoings and holiday spending
  • Proof of your income. You’ll need pay slips from your employer or at least three years of accounts if you are self-employed.

Are you interested in learning more about the right remortgaging for you?

To have an informal talk about your options, we’ll give you personalised, impartial advice on your remortgage if you would like to contact us here.

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