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When Should I Remortgage?
A remortgage is when you pay off one mortgage with the proceeds from a new mortgage from a different lender, using the same property as security.
The best time to begin looking for a good deal on your remortgage is roughly 3 to 4 months before your current mortgage deal is due to expire, in the case of fixed interest mortgage rates. This will ensure that you do not end up paying the higher Standard Variable Rate monthly payments. If you are already on a Standard Varable Rate mortgage rate, you can switch to a new remortgage deal at any time.
When Should I NOT Remortgage?
If you are already on a low interest rate deal and there isn’t anything better in the market, then the best course of action would be to stay in your existing deal until something better comes along. However, please remember that you may not be able to access the best deals in the market, but we can help you find a better range of deals across the whole of market, completely free of charge.
Another reason not to remortgage is if your existing Mortgage deal has an Early Repayment Charge/Exit Fee on it. In such cases, it is best to wait until your deal is about to run out, so that you are not out of pocket by paying this fee.