Should you be in on the remortgage boom?

Recent analysis has unearthed that remortgages have risen by more than a quarter between  the months of March and April. This is largely down to the multiple base rate rises announced  by The Bank of England throughout 2022 and the response from lenders to raise rates  accordingly. Many consumers are now looking to ‘lock-in’ the current available rates in a  long-term fixed mortgage ahead of any more potential rate increases – but is this the right  thing to do? We look at how base rate rises and the cost-of-living crisis could persuade you to  follow suit. 

 The number of remortgages have increased by more than a  quarter between March and  April. Over 50% of borrowers  took out a five-year fixed rate  product. With rates on the rise, it’s essential you take the time to review your current mortgage. If you’re currently on a variable rate plan or your fixed rate term is coming to an end in the next year or two, now could be the perfect time for you to lock in a new long term fixed rate mortgage before rates potentially get significantly higher in the coming months. As the economy tries to recover from the pandemic and combat inflation, rates are predicted to rise further – so acting quickly could save you money on your monthly repayments. 

 Remortgaging has other positives at this moment in time as well.  Along with locking in your repayment rate, remortgaging now offers a unique opportunity for those worried about making money stretch amid the cost-of-living crisis that the UK currently faces. Releasing equity in your property can be the perfect solution to being a little more comfortable as energy prices and inflation both continue to rise.  So, if you find yourself struggling to cover the cost of your bills over the coming weeks and months, perhaps remortgaging is worth looking at – it could save you thousands. 

 There are some, of course,  who won’t need to worry  about a higher cost of living  and are in a slightly more  comfortable position financially.  Well, remortgaging can still  offer benefits to you too! As  summer approaches, maybe  you’re considering some home  improvements? A conservatory?  Maybe a home office? Whatever  you may be considering,  home improvements can be  expensive – but not to worry.  Remortgaging can make lump  sums available to you to finance  such projects so that you don’t  have to save and could get the  work done while the summer  weather is (hopefully) warm and  dry. 

 Remortgaging isn’t for everyone,  but it does currently offer unique  opportunities to take advantage  of. If you just want to secure  lower mortgage rates for the  coming years, want some spare  cash to help you through the  cost-of-living crisis or maybe  you want to add value to your  property by doing some home  improvements – whatever the  reason, remortgaging could be  the answer.  Contact us to find out the best remortgage deals.

 If you’d like to discuss the options available to you, contact your adviser today. 

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