When should you remortgage?

Get a great mortgage rate

UK mortgage rates are at record lows after the Bank of England slashed interest rates in March to counter imminent threats to the economy. Does that mean now is a good time to remortgage? Or should you wait until the fallout for the property market is clearer?

Finding a competitive deal

There are competitive deals to be had at present, but remortgaging won’t suit everyone. Those on tracker or variable rate mortgages, will certainly benefit from advice. If you’re coming to the end of a fixed term, fixed rate deal, you might want to consider getting a more competitive deal now, while rates are low.

Navigating a changed market

While there is real potential to make savings here, borrowers should expect changes to the process. Requirements may be stricter as the unstable economy makes lenders more cautious, while a certain level of delay should also be expected as providers work through a backlog of applications.

Borrowers who have taken a mortgage payment holiday may also find it harder to switch to a new lender at the moment due to their reduced financial circumstances.

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