Remortgaging - the essential steps you should take when your deal ends
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You can often lock in a new mortgage deal up to six months before your current one expires. Planning ahead can alleviate some of the stress of remortgaging and give you plenty of time to search the market.
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Remortgaging isn’t something you have to do. It can save you money especially if your lender's standard variable rate (SVR) isn't overly competitive. It may seem like a daunting task, but we hope this document will help make it a worthwhile one. According to Moneyfacts, at the start of May 2023, the average SVR was 7.37%.
The same organisation found that the average rate of a two-year fixed-rate deal was 6.01% as of June 2023. In November 2021, the BoE base interest rate was just 0.1%. A series of increases to tackle inflation means it was 5% in June 2023. This has had a direct effect on mortgage repayments for thousands of homeowners.
