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Is now the time to remortgage my home?

Adam Nanson, impartial mortgage broker at Your Mortgage Expert provides the October Remortgage Market Update. He answers the question is now the time to remortgage my home?

Is now the time to remortgage my home?

What is the current situation with interest rates?

“Over the last few weeks, my phone has constantly rung with clients wanting to speak to me about their mortgage rates. In fact, latest analysis from Loan Corp has found that Google searches for the term ‘remortgage’ skyrocketed by 215%*.

“The Bank of England last changed the Base Rate on 22nd September 2022 to 2.25%. Since then, there have been concerns around the pound and rising interest rates.

“The long and short of it is that, for most people looking to remortgage, it is probably going to cost more than the last time they fixed their deal. And, over the next few months, the Base Rate is predicted to rise again meaning the situation is unlikely to improve in the short term.

Can I still remortgage if I need to?

The main thing I have been saying to my clients is not to panic if your mortgage deal is up for renewal. There are still thousands of mortgage products available and we can still help.

“The worst thing you can do is to do nothing. You are more likely to worry if you ignore the situation and most people want the certainty of knowing how much your monthly commitments are going to be.

“By switching to a new deal, either with your existing lender or with a new lender, you will be able to fix your deal at today’s rate. While none of us have a crystal ball, most market predictions are that the interest rate is going to rise more over the next few months***.

“If you do nothing when your deal ends, you will fall onto your lender’s Standard Variable Rate which will probably be much more expensive than your current deal. And you won’t be protected against further rate rises.”

How can a Mortgage Broker help?

“Mortgage applications are taking longer than they used to and products and rates are constantly changing. Given the level of market volatility, we would advise clients to do the following:

  • Start the process early – most lenders let you start the process of remortgaging with 4-6 months of your deal coming to an end. The sooner you start, the sooner you can fix in a new rate.
  • Speak to a mortgage broker – mortgage advisers like us have up to date knowledge on the market situation. We can advise on the most appropriate deal from across the market, which might include staying with your existing lender.
  • Get all your documents together early – mortgage rates and products are constantly changing right now. If your mortgage broker finds you a rate that you want to lock in, it will help if all your documents are ready to go. You can see on our website what documents your lender is likely to need.
  • Respond to any additional questions quickly – we are finding that the lenders are asking far more questions currently and looking for a greater amount of evidence of affordability. If you respond quickly, you are less likely to hold the application up.
  • Don’t forget to take out protection – with the cost of living crisis and rumours of the country falling into a recession, it is essential your provide yourself with financial protection. This is to ensure your family and mortgage payments are protected if the worst should happen in the future.

If you are wondering if now is the time to remortgage my home or if you have any questions after reading the October remortgage market update, please get in touch. We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

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The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Your Mortgage Expert Ltd and Mortgage Advice Bureau cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.

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