29 May Remortgaging – What You Need To Know
Could you be overpaying on your mortgage right now?
If your current mortgage deal is coming to an end; or you’re sitting on your lender’s standard variable rate (SVR), you might be spending hundreds more each month than necessary. With interest rates shifting and new mortgage deals hitting the market, many homeowners across Northamptonshire are starting to ask a crucial question: Is now a good time to re-mortgage?
The answer? For many, it absolutely could be. The Bank of England recently cut the base rate to 4.25%. While further rate cuts were expected, a surprise jump in inflation to 3.5% this April has cooled speculation about how quickly those cuts will continue. Lenders are still adjusting their deals, but with inflation creeping up again, there’s no guarantee today’s rates will be around for long.
For those whose fixed-rate deals are about to expire, acting now could make a major difference. Falling back onto your lender’s SVR—some of which are as high as 8.17%—could mean significantly higher monthly payments. By contrast, some lenders are offering fixed-rate remortgage deals as low as 3.72% for borrowers with 60% loan-to-value, while average two-year fixed rates are around 4.75%. The difference in cost over even a few years can be substantial.
We’re also seeing a welcome shift in affordability. Several major lenders—including Barclays, Halifax, and HSBC—have eased their stress-testing criteria, potentially increasing the amount homeowners can borrow. If you’ve been held back in the past by tight affordability limits, now may be your opportunity.
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And it’s not just about securing a lower rate. Re-mortgaging can also help you unlock equity in your home. Whether you’re dreaming of a new kitchen, planning a loft conversion, or considering consolidating higher-interest debt, a well-structured re-mortgage could be a strategic move. With economic uncertainty still in play, locking in a competitive rate today could offer long-term financial security and peace of mind.
Don’t leave money on the table. If your mortgage deal is ending within the next six months—or if you’re simply curious about what better options might be available—this is the moment to explore your choices.
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