Why you should start planning your remortgage now..

by Kay Kowalewska

As we approach the end of 2024, many homeowners are facing the need to remortgage. If your mortgage deal is coming to an end soon, it is essential to start planning now. Acting early can provide you with a wider range of options and prevent the stress of last-minute decisions.

Why timing matters

Starting your remortgage search early is crucial. Mortgage rates and products can change frequently, so the sooner you begin exploring your options, the better your chances of securing a favourable deal. Waiting until the last minute could limit your choices and lead to a rushed process, increasing the likelihood of missed opportunities and as a result increased cost on payments.

Consider overpaying your mortgage

If you are still on a low fixed-rate mortgage for the next few months and have some flexibility in your budget, consider overpaying your mortgage now. Overpaying reduces your outstanding balance, which can be beneficial when you remortgage. Not only does it help you pay off your mortgage faster, but it could also move you into a lower loan-to-value (LTV) bracket. However, be aware of Early Repayment Charges, which are fees you may encounter if you overpay more than a certain amount on your loan. Lenders often offer more competitive rates to those with a lower LTV, potentially saving you money in the long run.

Act now

While there is speculation that the bank of England base rate may drop further in the future, we cannot be certain of this. By acting now, you can take control of your financial situation and avoid the risk of being caught off guard by future rate changes.

 

For more information please contact:

Kay Kowalewska | Independent Mortgage Adviser Dentons Mortgages

Nicki Sparks | Mortgage Consultant Dentons Mortgages

Email | enquiries@dentonsmortgages.co.uk

Website | www.dentonsmortgages.co.uk

 

 

 

 

 

 

^{Disclaimer: This post is a paid advertorial in collaboration with MoveTo.co.uk The views and opinions expressed in the linked article are those of the author and do not necessarily reflect the official policy or position of MoveTo.co.uk. #Ad #PaidPartnership #SponsoredContent}

 

 

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