While the base rate had only recently been reduced to 0.25%, on the heels of the economic crisis, the Bank of England cut the base rate for the second time in a single month to 0.1%. With many mortgage providers now reducing rates, is it the right time for you to take advantage and remortgage?
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.
The aim was for banks and building societies to pass along the benefits to their customers, and many lenders reacted quickly by passing on the savings, but there were a few stragglers, mostly the smaller building societies.
If you’re nearing the end of your fixed mortgage term, you might need to do a little digging to see if your provider has changed their rates, and if not it might be time to get a new deal from a different lender.
If you’re nearing the end of your fixed mortgage term, you might need to do a little digging to see if your provider has changed their rates, and if not it might be time to get a new deal from a different lender.
How do you find the right mortgage in the current market?
Working with a mortgage broker would be beneficial in this scenario as the number of lenders on the market and the deals they offer means there’s a lot of competition and your options might be overwhelming.
The mortgage market is a bit manic at the moment, with new purchases being discouraged by the government, but that doesn’t mean banks aren’t busy. The government-sanctioned mortgage holidays have monopolised staff and resources so if you do choose to pursue remortgaging, expect some delays.
You might find that there’s another great deal with your current provider and if that’s the case, you will most likely be able to do everything online without too much cause for concern. But if you’re hoping to switch and if not being able to switch to a new deal before your current one runs out is a concern for you, the earlier you start reviewing your terms, the better.
If you are looking for a new mortgage, we can help
If you want to seize the low base rate and remortgage, get in touch with your trusted mortgage broker who can advise on the best deals on the market and work with you to determine if now is the right time to remortgage.
Our mortgage expert, Chris has a decade of experience working with lenders on behalf of his clients and he’d be happy to virtually sit down with you to help you through the process. Contact us today.
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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