You can usually remortgage at any time, but you may have to pay penalties if you are still in a fixed deal. These penalties (early redemption fees) may not be worth it unless you’ve built up equity in your home and are now eligible for a better deal or interest rates are lower than when you took out your current deal.
End of Fixed Rate Deals
When you are coming to the end of a fixed-rate mortgage deal and before you move on to your lender’s Standard Variable Rate it’s worth remortgaging to find a better deal. This could be as simple as moving products with your current lender – a product transfer. But it’s very likely that another lender may have a lower rate. You can usually avoid paying early redemption fees around 4 – 6 months before your current deal ends. So don’t wait to remortgage until the end of your deal before you start the process.
When you remortgage, you could also be looking for additional borrowing to raise capital. This can be to consolidate debt, for home improvements or perhaps to purchase another property. Any additional borrowing would be subject to the current outstanding balance and the value of your property.
We can search a range of lenders to ensure that we find the best deal for you, whether you are simply coming to the end of your current fixed deal or have additional borrowing needs. We make the remortgage process quick, smooth and simple.
To discuss your borrowing needs, call us on 0800 098 7177 or book a callback.
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