Some people may sit and wait to see if the market improves. However, with base rate increases and daily lender updates, waiting may not be the best thing to do. It is essential that you understand the various rate options available to counter the next few years. This blog will provide some tips for planning your remortgage.
Tip 1: Review your options at least 6 months before the deal expires
It is recommended that you review your options at least 6 months before the deal expires regardless of the type of mortgage you have. This will benefit you as it will give you enough time to find the right new mortgage.
Tip 2: Do not ‘sit and wait’
You should not sit and wait to see if the market improves. Instead, try to secure the best rate as soon as possible. This will provide you with some insurance as rates may not improve in the short term. You will not need to complete on any mortgage offer you have, but securing a rate early on allows you to keep your options open.
Tip 3: Get professional advice
You should consider getting professional advice within 3-6 months as remortgage offers are often only valid for between three and six months (depending on the lender). Professional remortgage advisors will guide you and present you with the best Fixed and Variable rate options available.
Tip 4: Look at the bigger picture
A professional advisor can work with you to review the overall structure of your portfolio. They can help to create a plan for managing your investment long-term and ensure your mortgage costs are kept to a minimum.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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