Mortgage rates are going up and you're tied in to your current deal. Learn how to 'lock in' a low fixed rate deal now.
Did you know - you do not have to wait until your current mortgage deal ends, to secure a new rate at todays' lower prices? You can do it 3-6 months early.
Here's how - You have 2 options:
Speak to your current lender - nearly all of the major lenders will allow you to secure a new rate with them, up to 3 months early.
Remortgage to another lender - moving to a new lender can save you money over the long term. It's important to weigh up your options.
You need to look at both options. Your easiest option will normally be to stay with your current lender, as they require little, to no, information about your current circumstances and will swap your rate over in a matter of days. However, the rate they offer you may not be that great!
Remortgaging to another lender is a little more involved, as it is a new application and you will need to produce the relevant documents, such as; passport, utility bill, bank statements, etc.
Normally, a mortgage offer will last 3 months - so you can secure a great rate today and complete on the mortgage when your current rate expires.
Reasons to leave your current lender
Your current lender is not offering you favourable rates to stay with them
You are looking to consolidate some debt in to your mortgage
You would like some extra money for home improvements
Reasons to stay with your current lender
Little or no documents required
Quick and easy
Can be done on-line (in most cases)
A mortgage broker will have access to both your current deal and other deals, can compare both and offer you the mortgage that is going to cost you the least over over the next few years.
If you have any questions or would like to chat - we’re here to help.
CALL US ON: 01424 440410
Find out if you can lock in a low fixed rate deal now
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Find out if you can lock in a low fixed rate deal, now