Remortgaging is all about switching your mortgage without the hassle of moving to a new house. There are key times to do this. You don’t have to stay with the same lender for the duration of your mortgage, but don’t just switch mortgage to free up extra cash for holidays. Instead make an informed decision where the advantage is in your corner. Such as the following…

1. When rates are low

The Bank of England base rate remains at a record low 0.25%, the lowest in the bank’s 323-year history.¹

Lenders are already competing with each other with attractive mortgage deals. If you get your timing right, you could secure onto a low rate for a remortgage on your current property.

2. When you have equity

How much of your home have you paid for? The ratio known as the “Loan to Value” ratio (LTV) expresses how much of your property is owed to your the lender (the loan) compared to the total value of the property. The proportion not owed to the lender is known as the equity. The lower LTV and the higher your equity, then the cheaper the mortgage deals available to you are likely to be, compared with those aimed at those with a higher loan to value.

3. When your fixed rate is about to expire

If you have an introductory deal on your current mortgage, then find out when it is coming to an end. If your lender is moving you to a standard variable rate (SVR), then you’ll want to consider seeing what other mortgage deals may be available if the commencing SVR is more than you’re paying right now.

Our expert mortgage advisers will search a comprehensive range of mortgage from across the market to find the most suitable solution for you.

Check out our infographic – Our 5 Step Guide to Reviewing Your Mortgage

With expert knowledge, we have access to exclusive deals that are not available direct from lenders on the high street. Aberdeen Mortgage Company scour our panel whilst considering your personal circumstances when looking for the most suitable solution for you.

Source:

1. Bank of England cuts base rate to 0.25% – what it means for you, MoneySavingExpert, http://www.moneysavingexpert.com/news/banking/2016/08/bank-of-england-august-base-rate-decision

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Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.