Perhaps you’ve been reading recently about the state of the economy, or the property market, or even noticed how low interest rates are? But have you stopped to think how this affects you if you’re a mortgage holder? Remortgage interest rates have never been so low – and this is why you should considering a switch now.
Firstly, there’s two main parts to consider.
Re-mortage interest rates have never been so low
Do yourself a favour, especially if you want to feel good about things and pat yourself on the back. Look back at how high interest rates were a few years ago, a decade ago and even further. You won’t believe it.
Look how low your interest rates are today – unbelievable hey?
Yes that’s correct – mortgage rates are low now, and that also means that remortgage interest rates have never been so low either.
Competition for mortgages is very high at present
Compared to a few years ago, mortgages are becoming more and more popular – and more people are taking them up. It was only a few years back where mortgages were restricted to 100% Loan to Value, and people could not afford deposits.
Now, with the economy, jobs and the property market thriving again, in addition to different lenders and ‘mortgage vehicles’ appearing, it’s a very competitive market again – which is great news for homeowners.
It’s a great time to consider a remortgage
Given the above two factors, it’s clear to see there are tremendous opportunities around to remortgage at present.
Even if you have a Standard Variable Rate mortgage with an existing lender like Virgin Money, Metro Bank, Halifax or other providers, it’s highly likely a remortgage to a much lower rate is a distinct possibility.
In addition to this, there are other incentives whereby you can enquire for a free no-risk calculation to discover how much you could serve, just by using the online calculator on their website.
Because lenders are offering all sorts of discounts and incentives to entice customers to switch lenders or remortgage, there’s every chance even more deals are there to be had, such as….
- reduced, or even no, broker fees
- cashback and referral offers
- streamlined application processes (such as reduced/no income or credit checks* – in certain circumstances)
Conclusion: what have you got to lose, when you should switch now?
So now you know, remortgage fees have never been lower, and why it’s a great time to switch, so the only question left is – are you going to see how much money you can save, or just sit wondering and doing nothing?