When is the best time to remortgage?
Posted on 10th February 2023 at 11:07
Just like with your purchase, you want your remortgage to be as smooth as possible. So, we recommend giving yourself as much time as possible to find the perfect option, submit the application, allow the lender time to review your application and issue an offer. You then need to allow the solciitor time to complete the legal transfer.
As mortgage offers are valid for 6 months, we recommend looking into your options 6 months before your current deal is due to expire. You can find your current deal end date on your latest mortgage statement. Once you are within 6 months of that end date, that would be the time to contact your adviser to set up a meeting to discuss your options moving forward.
As lenders are currently reducing rates on a weekly basis, if you are using an adviser that can switch out your original interest rate with the higher interest rate on to a new product with a lower interest rate before completion. This is why its always best to use an adviser as they can monitor the market and endure you always have the best otpion possible, whereas if you went straight to the bank they wouldn’t offer this service to you.
So by submitting an application early your adviser can monitor the market as your application works its way to compeltion. If rates increase, you have secured a lower rate well in advance so you will stay as you are. If rates drop your adviser can switch yoru rate for you in plenty of time to take full advantage of that.
If you would like us to take a look at your remortgage options please get in touch!
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Tagged as: adviser, affordability, bank of england, bank rate, base rate, big mortgage, broker, buy to let, buyer, buytolet, finance, house market, interest rate, remortgage
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