Reviewing your mortgage deal could save you money

Craig Maxwell • Apr 14, 2020

Mortgage News

In March 2020 the Bank of England cut the base rate to 0.1%. Broadly speaking a lower base rate is good news for borrowers, there is no better time to consider remortgaging.

Impact on your current mortgage

If you have a tracker or discount mortgage your payments may have gone down recently. With uncertain economic times ahead though, it may be worth considering a fixed rate mortgage to give you the stability of fixing your monthly mortgage payments.
If you are on your lenders Standard Variable Rate (SVR) because your most recent deal has ended or if your current deal is coming to an end in the next few months you could end up paying a higher rate. It can pay to remortgage.

If you have a fixed rate mortgage you are temporarily protected from the impacts of the uncertain economy. But if you are coming to the end of your deal you may want to review and remortgage or switch to a cheaper deal with your current lender and guard against any future increases in mortgage rates and the cost of borrowing. We are happy to help you with this and even if your current mortgage deal doesn’t end just yet it still could be worth us having a look.

It’s important to regularly review your mortgage, as it can often make sense to transfer to a new deal - or even a different lender. Your decision to transfer will of course depend on your individual circumstances, and the current rate you are paying.

How we can help

As a trusted firm of Advisers, we’re keen to ensure your mortgage deal continues to meet your changing needs. As a member of Openwork, one of the largest financial advice networks in the UK, we have access to a comprehensive range of mortgages from across the market. That means we can offer you advice on a vast range of mortgages from a host of lenders and some of the deals I have access to are on an exclusive basis and aren’t available outside of Openwork.
If you would like to discuss your mortgage arrangements, you can contact any one of us on our meet the team page, where you can call, email and whatsapp myself, or one of my advisers to arrange an appointment in a way that is suitable to your current needs.

Take Care and Stay Safe

Craig

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