Can I remortgage during coronavirus?

21st May 2020

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.

 

 

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Without Julie we would not have been able to purchase our first home.

Ours was a challenging case; we wanted to live in Winchester as first-time buyers with an unusual income situation. We found the ideal property for us at auction.

Julie was amazing. From our first meeting, and throughout all subsequent meetings, Julie re-assured us and made us aware of all the information we needed to make the correct decisions at that time.

As first-time buyers attempting to purchase a property unconventionally, Julie worked tirelessly. We had frequent contact on late evenings and weekends to not only help us secure an application in principle quickly before the auction but also to secure us our actual mortgage after we had won our property.

Julie went beyond the call of duty in making us feel confident and being available at any time to talk us through any question or worries we had about the process.

We will be recommending Julie as a mortgage advisor to anyone who is considering purchasing a house; from first time buyer to frequent home buyer. It has been a pleasure and Charters Financial Services should be proud to have Julie as an employee.

Andy L

December 2019

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