Time to Remortgage?


Gary Oxborough is Practice Principal here at Barlow Irvin Financial Services.  This month, Gary talks about remortgaging your property, helping you to save money.

January 2022 is set to be one of the biggest months ever for mortgages that are coming to the end of special deals. Statistics show that £39.6 billion worth of mortgage debt is set to move onto lenders’ standard variable rates from fixed and tracker rate deals in the first month of next year*.

Bearing in mind that lenders’ standard variable rates can be up to around 2.5% higher than the best deals on the market, the figures involved are eye-watering. An extra 2.5% interest on all those mortgage balances works out at £82,500,000 of extra interest payable per month.

Lenders have a duty to write to you when your current deal is due to expire and will usually offer a new deal. It is important, however, to look at all the options available as it is often better to move your mortgage to a new provider at that point, which can save you a considerable amount. Most mortgage lenders will cover the cost of remortgaging your existing mortgage to them by paying the valuation and legal fees involved.

We always monitor our clients’ mortgages and will make contact to arrange a review around 4 months before the end of your current deal. This gives us plenty of time to make sure we have a new deal in place to make sure you aren’t one of the many mortgage holders who are paying more than they should.

If you have doubts about whether you are on the right deal for your mortgage, let us check it for you. We may just be able to save you ££££s, don’t hesitate to call us on 01204 304 814. 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

*Mortgage Solutions – 4th October 2021

About the author 

The Barlow Irvin Team

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