Has your Fixed interest rate expired on your current mortgage deal? Monthly payments increased?
If this is you then you are likely to be thinking about the following options…however believe it or not most customers think they have to stay with their current lender.
- Sign up to a new mortgage product with your current Mortgage Lender.
Beware! This may not be the best deal available to you, and may be more expensive over the coming years. We recommend remortgage advice at this point. At The Mortgage Clinic our mortgage adviser will shop around to find you the best deal, and this costs you nothing!
- Do nothing when your fixed interest rate expires, you will then move onto your lenders variable interest rate which is most likely higher than the rate you are currently on. This will see your monthly payments increase and also leave you susceptible to interest rate rises which at every increase of interest rate set by the Bank of England would see your monthly mortgage payment increase.
The short term environment around interest rates has somewhat been shaken up in recent months following the Brexit vote to leave the EU, which has lead to short term uncertainty and interest rate decreases of 0.25%. The long term view is still very firm that interest rates will rise, so when considering your next mortgage product it’s wise to explore all of the options available to you, and seek remortgage advice.
- Get in contact with The Mortgage Clinic for remortgage advice and our Mortgage Broker will shop around for you and change you to a new mortgage provider which gives you a better deal than your current provider. This is called remortgaging and will saving you money in the process ££. Of course if the best option is to stay with your current lender and take a new deal with them then this is what we will recommend.
Mortgage Lenders these days openly compete with each other for your custom, and are prepared to offer incentives to make it worthwhile you moving away from your current mortgage provider. These incentives can include free legal fees, free valuation, no arrangement fees and cash back. We aim to find and recommend a new remortgage deal for you to move on to and arrange it for you, saving you £100s to £1000s.
Client contacted The Mortgage Clinic for remortgage advice in September 2016 looking to see what their options were. They were coming to the end of their fixed interest rate deal with their current lender Santander. We shopped around for him and were able to secure a new mortgage deal that was better than what Santander were offering him. We saved this client £2800 by moving lenders for a new remortgage deal over the next 2 year period of his mortgage.
It’s not just about finding you the right deal and saving you money, we will process your application, liaise with the lender on your behalf, dealing with all the paperwork and sorting out problems for you ensuring the process runs as smooth and stress free as possible.
Don’t hesitate any longer, contact us now to make that initial contact, we are standing by and would be delighted to hear from you.