Remortgage market holds steady despite lockdown
UK homeowners are continuing to secure remortgage deals offering significant monthly and lifetime savings in spite of the effects of the coronavirus lockdown. Recent figures from conveyancers Legal Marketing Services show that remortgage instructions in June were up 5% compared with the final week in May.
Despite significant disruption in the mortgage market for those looking to buy a new property, lenders are still offering competitive remortgage deals. Switching to a better mortgage deal can lead to lower monthly repayments and save thousands of pounds over the remaining lifetime of the mortgage, even after arrangement fees are taken into account. It is worth remembering that new mortgage deals can be secured up to 6 months in advance of your current deal ending, which can help avoid any last minute rush.
Remortgaging can offer particularly valuable savings to those approaching the end of a fixed rate introductory offer. Ratings agency Experian believe that up to 44% of the 10.8 million mortgages in the UK may be subject to interest at the lender’s Standard Variable Rate (SVR), which can be more than double the original fixed rate.
Many homeowners are unaware of their mortgage moving from a fixed rate to the SVR, or the savings available through remortgaging. Others are daunted at the thought of onerous application processes.
The mortgage team at McCreas can manage your remortgage application from start to finish. Thanks to our longstanding relationships with major lenders, we can navigate the current changes in the market and find the best deals for your circumstances.
Whether you’re approaching the end of an introductory fixed rate, looking to reduce your monthly outgoings or just interested to see how much you could save, why not contact us today for a free, no-obligation consultation on how we can help you remortgage your home.