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Mortgage types to consider when you remortgage
There are many options to consider when remortgaging. With so many types of mortgage available, finding the right one to suit your needs is important. The options might make your head spin but by breaking these options down, you’ll find there may be options you didn’t know would fit your situation better than others.
The obvious downside being that you are stuck with whatever rate you manage to get, so if the interest rates fall, you won’t be able to take advantage.
Somewhat of a double-edged sword. The interest rates of these mortgages change to reflect the rates of your lender, which will usually follow those set by the Bank of England but can differ. The main downside is that your repayments are likely to change from month to month, going up or down depending on what the market dictates. The difference in your payment won’t be extreme but may be enough to make budgeting difficult.
A good thing about variable rate mortgages is that you have no fixed term and can ride out a period of time while you decide to move on to another fixed term mortgage with a more favourable interest rate.
If you have managed to gain a substantial amount of savings, these mortgages are great for helping to lower your monthly payments. An offset mortgage connects your savings account to your mortgage and the more money you have saved, the better an interest rate you are likely to be able to get.
Similar to a variable rate mortgage. The main difference is that they will follow the interest rate set by the Bank of England, not those set by your lender. Again, this may not be advisable during periods of volatility in the market but could be a viable short term option should the need arise.
When choosing the type of mortgage to go for, it’s best to speak to one of our advisors as we are experts and after a short discussion will be able to show you which mortgage type will best suit you.
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Is your fix rate due to expire. If yes, you will be rolling onto your lenders variable rate and in this new market we are in, this will likely be much higher than you are currently paying. Arrange a call to discuss your options and we can search the best options with your current lender, and the rest of the market.
There’s no downside to looking at this early, as if rates reduce, we can always swap you on to a lower rate, without the worry of what happens if rates increased further.
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