If your current mortgage deal is coming to an end, you will be looking to review your options to find the most suitable deal. With mortgage rates higher than they were a few years ago, it is even more important to explore all the options available to you. Even a small percentage difference on your interest rate will have a significant financial impact over the term of your mortgage.
What is remortgaging?
Remortgaging is the process of switching from one mortgage deal to another one. Sometimes, you might do this with the same lender, or you might choose to move onto a deal offered by a different lender. When a current fixed term deal expires, this will usually mean it reverts to the lender’s standard variable rate, which is typically higher than other deals available on the market. At this point, you can usually save money by remortgaging.
The benefits of using a mortgage broker
A mortgage broker can access deals that are not directly available on the market. They can often find deals with lower rates and fees, and they can compare all the products that are suitable based on the applicant’s specific circumstances. Brokers can also help to find specialist mortgage deals for self-employed applicants and people with irregular earnings.
When you work with a mortgage broker, they will identify which mortgage products you are likely to be approved for, so you are less likely to encounter declined applications.
