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Getting the Best Rate When Switching Mortgages

It seems that 2019 is the year to remortgage. According to UK Finance, there have already been 119,000 borrowers who have changed lenders for a better mortgage deal halfway through the year, with the trend expected to continue in the latter half.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Yorkshire Building Society asserts there could be £26bn worth of loans reaching the end of their introductory periods this October, which means there is a huge opportunity to make savings on your mortgage – hundreds of pounds a month in some cases.

While it is possible to remain with your same lender and negotiate a better deal than the one you currently have or that the standard variable rate will actually provide the lowest repayment terms, chances are that shopping around for different terms from another provider will get you a better deal

Should you switch?

The property market remains highly competitive, so you’ll be spoilt for choice when it comes to lenders as well as rates. The Bank of England Base rate remains low so if you are interested in a two, three, or five year fixed-rate deal, now is the time to lock it in.

Of course, remortgaging is as extensive a process as an initial mortgage search is, but there are ways to streamline the whole operation.

Working with an independent broker, particularly one well-versed in the dental and medical sector can make all the difference. For example, at Dental  & Medical Financial Services, we not only know the lenders that will provide the best mortgage products for you, but we can identify and mitigate any potential problems, all without you having to get involved.

Choose your term

After choosing to remortgage, the next question is usually how long should you fix your rate for?

In the past, you’d pay a higher price for a longer term as they provided peace of mind that you had secured a great rate for many years. Nowadays, the difference between a two and a five year fixed rate is marginal, so that shouldn’t be the overarching concern when shopping around.

Instead, consider other factors such as:

  • loan to value ratio
  • revert rates
  • APRC, and
  • associated fees.

Also consider whether or not you’ll have the time and energy to go through the whole process again in as little as two years.

There’s always a chance that rates may fall within the timeframe of your loan, but experts predict that the BoE rate will remain steady for the foreseeable future. Depending on external economic factors, rates might even rise over the next few years.

In the long run, taking all this information – not just the financial implications – into consideration might make all the difference.

Be prepared

Keep in mind you don’t actually need to wait until the end of your fixed period to look into new deals. In fact, if you think you might want to remortgage, you shouldn’t wait, so if you’re not exactly sure when your introductory period expires, find out now.

As mentioned, the remortgage process is much like the mortgage process, so you’ll need to do your research and come prepared with all the required paperwork. Many providers will let you lock in a mortgage rate six months before the end of your current loan and it might take some time to move through the application process, so the sooner you start, the better.

For more about remortgaging, check out our two-part series filled with helpful tips.

If you’re ready to start the process, get in touch with me now and I can help you secure a great rate with low monthly payments.

Need help to secure a low-cost mortgage?
Mortgages | Buy to Let | Property | Mortgage Planning |

Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years. Call Chris to discuss your options.

Tel: 01403 780 770


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