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Can I remortgage early?

REMORTGAGING | 25.09.2020

If you’re a homeowner who is currently coming to the end of your mortgage deal, then you will have the option that many other borrowers look at in order to secure a better rate – and that is a remortgage.

Normally you would only look at remortgaging once your current deal is close to ending, but many lenders can sometimes offer better rates up to 6 months in advance. Interest rates are at record lows too, which means now might be an ideal time to get yourself locked into a cheaper deal.

When and why should I get a remortgage?

When and why you should opt to remortgage is of course dependent on a range of factors. But you should generally start looking around 3 months before your current deal comes to an end.  Looking around 3 months in advance will give you enough time to do your research and complete the application process in time to make sure your new deal starts just as your last one ends. If you’re currently on a fixed rate mortgage,then you’ll want to ensure your finances won’t suddenly be shocked by your lender's standard variable rate. If the Bank of England's interest rate has fallen since you took out your fixed rate deal, then you may not want to look into remortgaging yet. Unless of course you can still get a great variable rate or tracker rate elsewhere. If the bank’s interest rate has gone up during your fixed rate period, then it may be more advantageous for you to find another fixed rate deal on a remortgage.  

How long does remortgaging take?

When you decide to go through the remortgaging process with a new lender, this can usually take up to 2 months. It may only take up to 1 month though if you’re switching over from the same mortgage provider to another one of their products. So, it’s a good idea to start doing your research earlier, probably at least 3 months prior to when your current deal expires. As this will give you enough time to really assess your options and work out the costs, such as early repayment fees if you’re intending to pay off your mortgage early.  

Should you remortgage early, before your current deal ends?

Generally speaking, you should avoid choosing to remortgage before your current mortgage deal finishes, as you’ll likely be charged harsher early repayment fees. Make sure you also check over the terms and conditions of paying off and exiting your deal early, especially relating to the offer period. If you start the remortgaging process around 2 months before your current deal expires, you will likely be able to time it so that your new deal starts on time.   

Don’t delay in making a decision

Remortgaging can potentially save you thousands of pounds, and since the market is constantly changing these days, it’s best to make a decision sooner rather than later. So, don’t put off assessing the options available to you.  Getting the right advice can be critical, and a mortgage broker will help save you time and money by comparing a number of deals on your behalf and highlighting the ones most suited to you.  We have extensive experience when it comes to helping people secure the best remortgage deal. Our experts take your financial circumstances into account and fully assess how likely it is that lenders will approve your application. For more information on remortgage your home, please get in touch with our team today on 0345 305 2540, or at info@taylormade-finance.co.uk.  
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