Current Mortgage Deal Ending In 2023? - Refinance Your Home
Why Remortgage: When you first take out a mortgage, you may take it out for ‘25 years’, however you’ll find that your initial mortgage deal is far shorter, often for only 2 or 5 years.
It is therefore crucial that as your existing mortgage deal is ending, you are actively looking to refinance your home.
You can secure a new mortgage interest rate and remortgage up to 6 months before your existing deal ends.
Failing to do anything when your existing mortgage deal ends, will see you fall onto your lenders SVR (Standard Variable Rate) - often a lot higher than your current deal, for example:
£150,000 mortgage, current rate of 1.75%, 23 yrs remaining, £661 p/m
If you fall onto your lenders SVR at 6.25% = £1,025 p/m
Costing you an extra £364 per month… or an extra £4368 per year!
Current Mortgage Ending? What Are Your Options?
Can you still save on your mortgage despite Bank of England interest rate rises? - Yes. There are multiple ways:
Shorten your mortgage term:
Seems almost too easy, but reducing your mortgage by 5 yrs might add £90 to you mortgage payments, however, it will typically save you £35,000 on a mortgage of £200,000 over 25 yrs compared to 30 yrs.
Think about using a ‘tracker’ rate instead of fixed:
Get a mortgage rate 0.7% above BoE Base Rate. Why settle for a 5.5% deal when you could get a 2.95% deal? Yes, there are risks associated with this type of product, and your monthly payments could rise, however the base rate would need to rise a further 2.45% for you to be worse off. That’s more than double where it is now. Ultimately the decision comes down to your risk appetite.
Make your savings work for you:
Savings of £10,000 in a bank account earning 1.5%, yet your mortgage is 5%? Did you know, putting that £10,000 into your mortgage would save you £4,880 extra compared to having it sat in your account? So not only would you clear the mortgage quicker (as you have less to pay), but overall you’d be considerably better off!
Needing Help With:
- Remortgaging To A Better Deal
- 90% To 95% Remortgage Deals
- Releasing Equity Mortgage Advice
- How Much Mortgage Can You Borrow
SPEAK TO A MORTGAGE ADVISOR NOW:
Getting The Best Remortgage Advice And Deals
Our team of Advisors always offer any client unbiased and independent mortgage advice. Based in Newcastle Upon Tyne, servicing mortgage clients from the North East, to London, Manchester to Birmingham, our team of mortgage advisors cover all the UK.
Many people turn towards a Mortgage Broker to secure a better deal or to release equity from their property when remortgaging. Regardless of the reason, our trusted remortgage advisors can save clients a lot of money in the way of interest, when compared to staying with their existing lender. Isn’t it time you spoke to one of our advisors?
While working with our Mortgage Advisors based in Newcastle Upon Tyne, you’ll be guided by one of the most sought after, trusted and award nominated, mortgage brokerages in the North East. Therefore, you’re in safe hands. If you’re one of our existing clients or have read our reviews, you will have a good idea of how our mortgage advisors help secure you the best mortgage deals from 1000s of options available.
Many people look for mortgage to capital raises or release equity. In other words, they release equity tied up in their property, which when the mortgage completes, is transferred into their bank account where they can spend on their desired outcome. Whether that’s much needed home improvements, to consolidate debts, buying a new car, or raising funds to purchase a Buy To Let Property. However, as always, before securing additional debt against your home, we suggest talking to one of our team, ensuring you receive market leading advice, before making such a big decision.
When to start the remortgage process
Normally, you would start to look and think about remortgaging roughly 6/7 months before your current deal is set to expire. In doing so, you are securing a deal now and therefore protecting against any rate rises, as mortgage offers are valid for between 6 months when issued.
In addition to securing a rate early, and protecting you against further rate rises, it can often take lenders 3 to 4 weeks to issue an offer, and then another 3 weeks for the solicitor to finalise the switch and update the deeds to your property. Therefore, 6 months is more than perfect!
But what if your deal isn’t due within the next 6 months? What if your early repayment charges aren’t due to expire for a little longer? No problem, click the link below to set a reminder, and we will reach out to you within the last 6 months.
Questions about remortgaging
Is remortgaging a good idea?
Yes, without doubt it’s always best to look at your options, not just for a better deal, but to help you restructure the mortgage to suit your current circumstances. Whether that’s reducing the term as disposable income increases, or releasing equity for home improvements, there are many reasons.Is it a good time to remortgage?
Yes, right now rates are increasing weekly meaning consumers have the opportunity to secure a better deal than what they we be eligible for in a few weeks time.Is it cheaper to remortgage?
Generally, yes, as the alternative is falling onto your lenders SVR, which is typically higher than the rate you are currently on.
Start remortgage process today
Simple Remortgage cover the entire UK, and as we are an online and telephone based company, you can switch mortgages from the comfort of your own home.
It’s never been easier to save money, release equity, restructure your deal, or seek expert advice.
It’s more than just your mortgage, it’s everything that is linked;
Life insurance/illness protection
Pensions
Estate Planning and Will writing
We, and through our business partners, can support you with looking at it all.
Call on 0330 100 1231 or click below and start.
Welcome to Simple Remortgage, home for refinancing your property
With access to exclusive deals not found on any comparison site, a team of expert advisers, and case management support through to completion - make sure you keep it Simple.
You may have to pay an early repayment charge to your existing lender if you remortgage before your current deal ends.