Thinking of remortgaging in 2020?

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Thinking of remortgaging in 2020?

You’re not alone!

Competition among lenders during the last quarter of 2019 was good news for anyone looking to remortgage. Latest figures show remortgage approvals were almost 13% higher in October 2019 than the same month of 20186.

The trend looks likely to continue into 2020, as mortgage rates have decreased over recent years and many borrowers are coming to the end of a fixed term and looking to access lower rates.

With the recent budget day news of an interest rate cut – which we hope lenders will pass on – borrowing has never been more affordable. Don’t let the fear of switching and mortgage apathy cost you money. We can make the whole process straight forward.

Failing to switch from a lender's Standard Variable Rate (SVR) once a fixed, discount or tracker mortgage deal ends, can result in homeowners being penalised for their inertia.

It’s estimated that there could be as many as two million homeowners who haven’t switched from an SVR and with average potential savings of £4,500 a year to be made 5, this is one area where you shouldn’t be apathetic about looking for a better deal.

Reasons given for failing to look for a better deal include: a belief that switching is too complicated, being unaware of a lapse onto an SVR and not being tuned in to your eligibility to switch. Reviewing your mortgage regularly will ensure you are on the best deal. Being savvy with your hard-earned money makes sense and could be the equivalent of a healthy pay rise.

April is predicted to be a big month for remortgages, accounting for around 11% of the £184bn mortgage maturities in 2020.

If you are looking to save money by remortgaging in 2020, get in touch.

5Trussle, 2019

6UK Finance, Nov 2019