When Should You Make Plans To Remortgage?

With the recent upheaval of economic events, now more than ever, timing is everything when it comes to remortgaging your property and securing a competitive mortgage rate. 

Whether you have a standard buy-to-let, HMO, limited company property, holiday let or multi-unit, getting the right deal for your portfolio has never been more important, as we’ve seen of late – deliberation can very much cost thousands.

The perception amongst some is to wait to see if the market improves short term. In fact, blanket advice has often been misplaced with a well-known commentator recently advising to ‘sit and wait’ on expensive SVR rates.

However, with the daily lender updates and further base rate increases on the horizon, you don’t want to gamble with the future of your portfolio.  One way you can ‘hedge your bets’ is by securing the latest available rate right now as an option. We will actively monitor the market and can move quickly if something marginally cheaper should appear in the near future, prior to your SVR deadline.

It’s very much a matter of bespoke advice for your own specific circumstance. Arguably, it’s never been more important than now to understand the differing rate options available to counter the next few years.

We understand that there are a lot of factors to consider, so to help make your options clearer, here’s what you need to know.

• No matter what type of mortgage you currently have – Fixed, Variable, Discount or Tracker, we strongly recommend that you start reviewing your options at least six months ahead of your deal expiring, to give yourself the maximum opportunity to find the right new mortgage before your choices potentially diminish.

• Don’t be late – securing the most competitive rate as early as possible will give you some insurance in case rates do not improve in the short term, holding back now will only give you less time to consider your options as your SVR approaches. You are not obligated to complete on any mortgage offer you have, but by securing a rate now, it keeps your options open and mitigates potential ‘rate regret’.

• Remortgage offers are usually valid for between three and six months (depending on the lender), so it’s worth talking to us as soon as you are in that six-month window, to minimise the impact of any further rate changes. We’ll advise you on the latest Fixed and Variable rate options that are out there right now – some with early repayment penalties, others without.

• Consider the bigger picture – undertake a holistic review with one of our specialists. It’s likely that we can review the overall structure of your portfolio to help you maximise your investment long-term and keep your overall mortgage costs to a minimum.

• We can also help with your Residential mortgage. All of our advisers have a huge amount of experience in Residential mortgages and can help you find the right deal for your home.

• All of our quotes come absolutely free and with no obligation, so there is zero risk in reviewing your current options.

• If you are unsure which is the most suitable type of refinancing for you, we can help simplify the decision with a breakdown of costs and savings for all of the most competitive options right now, with reassuring expert advice.