This is a question we are asked most frequently by our clients, and the answer is quite simple: always be prepared. This is even more, the case when the economy is in a turbulent period, as we are now. The Bank of England base rate is currently sitting at 3%, with economists predicting a peak of 4% in Q1 next year – however, if we rewind 12 months – the base rate was 0.1%, meaning this a relatively high period.
Whether you are nearing the end of your fixed term, sitting on a variable rate, or thinking of purchasing soon – the message is clear: be prepared. Get in touch with our team today for a free consultation on your situation.
Is now a good time for me to remortgage?
- Mortgage rates remain unstable from week to week. Due to this, some lenders are reducing their mortgage products or restricting their criteria. Moving now can be crucial to securing the best deal.
- Remortgaging is a process that can take up to 6 months from start to finish, planning ahead will save you time and save you money. If you’re nearing the end of a fixed-rate mortgage, get in touch with our team.
- We always advise comparing your current fixed rate with the current leading market fixed rate, even if you are some way off the end of your product term. At Articus, we offer a free consultation to advise on the current best product for your situation. As a whole of market brokerage, we work with all lenders/lending institutions. We work on the client’s side, not the bank, meaning you will always secure the best product.
- Fixed-rate mortgages will carry a varied amount of early repayment charges – this is the charge of ending the mortgage prior to the product term. This cost will be taken into consideration when securing a remortgage.
As mentioned, we assist our clients in always being prepared to remortgage and consistently knowing the most competitive product on the market for their circumstance at any given time – this allows them to be far more flexible and save any wasted costs.
Do not leave it too late, typically the best time to remortgage is six months before the end of your fixed-rate product. However, should you be prepared, you will avoid falling onto the lender’s Standard Variable Rate (SVR), which can be costly.
How can Articus help, and why should you use a broker?
If you already have a mortgage in place, you may be wondering what value a broker can add. Reanalysing your circumstance and plans are essential when nearing the end of your current product. Lenders constantly change their interest rates; therefore, there may be better solutions than your current lender.
Our brokers will analyse the market, ensuring you secure the ‘best’ product on the market – a lower interest rate, more flexible terms, additional borrowing or a higher loan to value.
At Articus, we help you arrange your remortgage by:
- After a free consultation with our broker – we will secure a decision in principle within 24 hours.
- We facilitate the application process to ensure that it is as simple and efficient as possible, taking as much of the work off your desk.
- Our network of more than 500 lenders and private banks ensures that our customers can access the best products on the market.
- Work to offer a complete remortgage service customised to your needs and financing requirements.
- Specialise in remortgaging unusual or complex situations, such as expatriate or foreign national clients.
To conclude, it is crucial to be prepared. Our brokers have decades of experience dealing with the remortgage process, resulting in a smooth and cost-efficient service which is adapted to each client and their circumstance.
