It all adds up.... review your mortgage now
Remortgage and reduce your monthly repayments.
According to data from Barclays prepared by CACI Ltd there’s currently £100bn of residential and buy to let mortgages on variable rates of 3.75% and above. This will equate to circa 1.34m customers who may be able to save money by remortgaging.
Due to current climates and the impact of COVID 19, combined with people working on a reduced income or statutory sick pay now really is the time to take advantage of the historically low interest rates currently available with the lenders.
The majority of lenders will allow their mortgage customers to take out a new product with them as long as any of the terms or conditions agreed with your mortgage at outset remain unchanged, such as the repayment type, mortgage balance or mortgage term.
You will be able in most instances to switch to a new deal with your existing lender with minimum fuss. Typically, as long as you have kept up to date with your mortgage payments and have completed any “mortgage holiday” you should be offered a new rate irrespective of current income. The need for a physical property valuation or carrying out any legal work is also waived. So, for those who are in a position where you’re concerned about your job security, finances or just being able to pay your mortgage - we do the leg work and may be able to reduce your outgoings.
To see what options are available to you with either your existing lender or any alternative ones, please contact us today to see how we can help find your ideal mortgage solution on firstname.lastname@example.org, or click on the contact button on our website
Your home may be repossessed if you do not keep up repayments on your mortgage and you may have to pay an early repayment charge to your existing lender if you remortgage.