The Bank of England will increase interest rates at some point and so preparing to remortgage could save money as well as making financial planning easier. We’re here to help with both the advice here and our online Mortgage Finder tool.
Can I avoid an uncontrolled rise in my monthly payments?
The best way to know exactly how much you'll be paying is to remortgage with a fixed rate mortgage. You are free to remortgage after an agreed amount of time has passed. This is true whether you stay with your current lender or move to a new one. There is plenty of difference between deals so it’s important to get advice from an independent advisor who can check what's available and give you a comprehensive breakdown.
How much will it cost every month?
You can use our Mortgage calculator to get an idea of what sort of change to expect in your repayments. It checks deals from Mortgage lenders on and off the High Street to find the very best offers.
Does the current value of my house make a difference?
Yes. Many mortgage offers are limited by the Loan to Value (LTV) rate. When your house increases in value, the LTV rate goes down, so you can get a better deal than you could a couple of years ago. All local areas have seen significant rises in house values over the last four years. Properties in Dalston have risen in value by an amazing 21% with Walthamstow not far behind with a rise of 19%.
See the box to the right for more information about how prices have increased in your area.
What should I do next?
- Use our Mortgage calculator to estimate the repayments you could expect to pay if you remortgaged now.
- Research your local area by searching our property pages to see what’s happened to prices to get an idea of whether your property has increased in value.
- Once you’ve got an idea of LTV and local house prices, fill out our contact form for a more detailed quote so you can pick the best deal. We’ll look across many different vendors to find you the best mortgage interest rates.
What can I do to get the best rate?
Even if you don’t have any immediate plans to remortgage there are important preparations you can do to get the best rate.
- Stay on top of your bills and loans – missing a payment could count against you when come to remortage.
- Do the filing so you can quickly produce payslips and P60s when asked.
- Check your current credit rating – Experian.co.uk offers a 30 day free trial with unlimited access to your Experian Credit Rating information during that time.
Is it time to remortgage?
Find out more about choosing the right time to remortgage in our article Should I Remortgage Now Before Interest Rates Go Up?