The number of remortgages have increased by more than a quarter between March and April. Over 50% of borrowers took out a five-year fixed rate product. With rates on the rise, it’s essential you take the time to review your current mortgage. If you’re currently on a variable rate plan or your fixed rate term is coming to an end in the next year or two, now could be the perfect time for you to lock in a new long term fixed rate mortgage before rates potentially get significantly higher in the coming months.
As the economy tries to recover from the pandemic and combat inflation, rates are predicted to rise further – so acting quickly could save you money on your monthly repayments. Remortgaging has other positives at this moment in time as well. Along with locking in your repayment rate, remortgaging now offers a unique opportunity for those worried about making money stretch amid the cost-of-living crisis that the UK currently faces. Releasing equity in your property can be the perfect solution to being a little more comfortable as energy prices and inflation both continue to rise. So, if you find yourself struggling to cover the cost of your bills over the coming weeks and months, perhaps remortgaging is worth looking at – it could save you thousands.
There are some, of course, who won’t need to worry about a higher cost of living and are in a slightly more comfortable position financially.
Well, remortgaging can still offer benefits to you too! As summer approaches, maybe you’re considering some home improvements? A conservatory?
Maybe a home office? Whatever you may be considering, home improvements can be expensive – but not to worry.
Remortgaging can make lump sums available to you to finance such projects so that you don’t have to save and could get the work done while the summer weather is (hopefully) warm and dry.
Remortgaging isn’t for everyone, but it does currently offer unique opportunities to take advantage of. If you just want to secure lower mortgage rates for the
coming years, want some spare cash to help you through the cost-of-living crisis or maybe you want to add value to your property by doing some home
improvements – whatever the reason, remortgaging could be the answer.
Mortgage Intelligence June 2022
Image – Kelsey Dody (Unsplash)
