Is your fixed-term mortgage coming to an end soon? Have you decided what you are going to do once that term comes to an end? Many people carry on with the mortgage they have and don’t think about doing anything different. Unfortunately, this often means they end up going onto a standard rate and which means they basically end up paying more interest.
Many people find remortgaging to be a hassle, but it really isn’t as long as you have the right help to find the best deal. An SVR (standard variable rate) will more than likely be higher than your current rate and no one wants to pay more money out than they have to! People can potentially save serious amounts of money by remortgaging so would be very unwise not to see what deals there are out there.
Sometimes there might not be a cheaper deal than the standard variable rate but this is generally unlikely and if you aren’t checking regularly, you might be missing out on some amazing opportunities to reduce not only your repayments but also the total cost of the mortgage. This means more pennies back in your pocket and less money spent out on rates that could be avoided by simply getting in touch with us.
What Is Remortgaging?
There are a large number of people out there who don’t actually realise that you can remortgage your property once your fixed term comes to an end. They believe that they have to be stuck on the newer standard variable rate until they have repaid the full cost of the loan, but this is definitely not the case. Many people end up paying the standard rate instead of looking for better deals and end up paying much more in interest than they actually have to.
Remortgaging simply means replacing your current mortgage with a new one – and sometimes you might not even have to move lender to do so! If their monthly repayments are going to shoot up once the fixed term comes to an end, it is easy to see why many people choose to remortgage their property instead, so they can avoid paying those higher prices.
There are some other reasons that people might consider remortgaging, however. Sometimes they would simply like more flexibility in their mortgage and other times they might want to release equity from their property if it has risen in value.
Why You Should Consider Remortgaging
Something you definitely should do when your fixed-term mortgage is about to come to an end is some research. So many people do not realise how much money they could potentially save by remortgaging. There are plenty of great mortgage deals out there, so it would not be a great idea to miss out on seeing what offers there are and how they could possibly save you money, not only on monthly repayments but potentially on the whole loan too.
When someone carries on with the mortgage deal they are already on, they no longer pay the price they are used to paying when it was put in place. A fixed-term often reverts back to a standard rate and the price they once paid is no longer valid. This means that monthly repayment may end up being a lot higher than what you were previously paying.
The longer your fixed term is, the longer you are locked into a lower interest rate. As soon as that term is up, that interest will go up and you will find that your monthly repayment towards your mortgage may be much more than you are used to paying. If you remortgage, you can then opt for another long fixed-term period and keep those interest rates down really low.
Sometimes you might not even have to move lender to get a good deal remortgaging but it is definitely worth looking at all of the lenders that are available on the market as you could be missing out on some good deals if you are only considering remortgaging through your present lender. That's why it is always good to get advice from a qualified mortgage advisor, like the team here at Love Mortgages. Call us for a free no-obligation chat on how we can help you, our friendly team are always happy to help and are looking forward to hearing from you: 01244 90 44 10.
It Doesn’t Matter Who You Bought Your Fixed Term From
What is fantastic is that if you are considering remortgaging, we are more than happy to help you here at Love Mortgages. It doesn’t matter who you got your original mortgage with, as we can help you to find the best deal possible. Here at Love Mortgages we independently offer a range of mortgages including remortgages and we will be able to help you find exactly the right deal for you.
We will search thousands of mortgage deals that are available to us and pick out the one that is right for you and your circumstances. Our expert advisers have access to a number of different lenders and will certainly be able to find something that suits your requirements.
We have plenty of experience in the mortgage and financial services industry and know that someone considering remortgaging will need some guidance along the way. With our extensive knowledge, we can discuss the right options for you and how to proceed further.
Why Not Get in Touch to Discuss Remortgaging Today?
If you are looking to get the best deal available when remortgaging, do not hesitate to get in contact with us to find out how we can help you. We offer a range of mortgages here at Love Mortgages to clients in Chester and Mold and will be able to find you the best deal possible to ensure that you aren’t paying a lot of money in interest. Don’t let your mortgage move from fixed term to standard rate – get a new deal set in place today. You can get in touch with us here or give us a call on 01244 90 44 10 to discuss the next steps.