Mortgage rates have been on a lot of people’s minds lately, especially with so many fixed-rate deals due to expire. If yours is coming to an end, it might be a good time to consider whether remortgaging could help you stay on track. The right move depends on your current deal, your goals, and what’s happening in the market.
Here are five things to keep in mind before making a decision.
1. Check when your current deal ends
Many lenders let you line up a new deal up to six months in advance. If you wait too long, you might end up on your lender’s standard variable rate, which is usually more expensive. Getting ahead means you’re less likely to feel rushed.
2. Look at the full cost, not just the rate
Some mortgages offer low interest but come with large fees. Others might be slightly higher each month but have no extra charges. It’s worth looking at the total cost over the full term, not just the monthly payment.
3. Your home’s value could work in your favour
If your home has gone up in value since you bought it, or you’ve paid off a decent amount of the mortgage, you may now have access to better deals. Lenders often reserve the most competitive rates for customers with more equity. A quick valuation can help give you a clearer picture.
4. Think about what you want from your next deal
Remortgaging isn’t just about saving money. You might want to shorten your term, increase flexibility, or borrow extra for home improvements. Talking through your plans can help you find a deal that fits your situation.
5. Keep an eye on the interest rate outlook
The Bank of England has held its base rate steady in recent months, but there’s talk of reductions later in the year. It’s impossible to predict with certainty, but if stability matters more to you than chasing the lowest possible rate, a new fixed deal could offer some peace of mind.
Final Thought
Remortgaging can be a smart step, but the best time and the right product depend on your bigger picture. If you’re unsure whether now’s the right moment, or what your options really look like, I’m always happy to help talk things through.
