What is a remortgage example

Is remortgaging a good idea?

If you’re at the end of your deal, remortgaging is always the best idea - it’s not advisable to let yourself fall onto a lender’s SVR, which is usually significantly more expensive than the rates they’ll offer on a fixed or tracker rate.

Remortgaging when house value has increased

If you still have time on the clock, remortgaging can still be a good idea, and is worth exploring with a trusted advisor, particularly at the moment with interest rates on the rise.

The Bank of England has increased its base rate 14 times over 2023, gradually increasing from 0.10% in December 2021 to 5.25% in August 2023.

As the BoE increased the base rate, banks and building societies increased their own interest rates too. This made mortgages, credit cards, personal loans and other types of debt more expensive. However in recent months, mortgage interest rates have been decreasing, which makes borrowing more affordable.

If you have a variable rate mortgage, you might have seen your monthly payments increase already.

Remortgaging to a fixed-rate dealcould save you money and offer pro

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