In March, amidst the worry and concern surrounding COVID-19 which had gripped the world as well as the nation, and as a measure to help soften any further blow the crisis may have, the Bank of England cut the bank rate to an all-time low of 0.1%.
This has been positive news for anyone looking to save money by remortgaging.
Due to the situation we find ourselves in, some have been made redundant, had to sacrifice a number of working hours per week or been furloughed under the government scheme. It is these types of changes which may meaning revaluating our financial circumstances.
And with mortgage payments the most likely largest outgoing each month, the opportunity to reduce this and taking advantage of the new all-time low interest rate is too good to miss out on!
It is very much business as usual where remortgaging is concerned so there are options open to you. We know, through experience, that some will wait until their current fixed rate deal is expiring before moving forward. You can switch many months before without incurring any early repayment charge. If you don’t take action, your lender will automatically switch you onto their Standard Variable Rate – this is usually a higher rate and an unnecessary expense you could easily avoid.
Speaking to an expert Mortgage and Protection Adviser means you can rest assured they will find the right deal for you. They will also be able to advise as to where you have any early repayment charges against your current mortgage – the answer to this will impact on how you move forward.
We have access to 1,000’s of mortgages with over 90 lenders and 12,000 products. Call us on 08454 500200 for tailored advice about how we can help you.