Is now a good time to remortgage?
Mortgage rates fell back down in the last few months of 2022, having surged after September’s ‘mini-budget’. If you’re thinking about remortgaging, could now be a good time to secure a deal?
Bank Rate blues
The Bank of England has increased Bank Rate throughout 2022 and is expected to continue doing so in the new year. Even so, rates have settled of late after peaking at a 14-year high of 6.55% at the end of October.
It is hard to predict exactly what will happen with future mortgage rates. The Bank of England has already hinted, though, that further Bank Rate rises are on the way, which could still make this a good time to lock into a fixed-rate deal.
Stick or twist?
It is important to be aware, however, that there is a chance that if you remortgage to a longer term fixed rate now, rates could eventually fall. This would mean you may be stuck paying a higher rate for the duration of the product fixed term. There are alternatives to fixed rates though such as Tracker and Discounted rates.
If you’re in the last six – nine months of your current deal it is worth making a call to a specialist remortgage broker like Be Mortgages sooner rather than later so that your mortgage adviser can prepare you for any future mortgage changes including increased monthly payments.
Get in touch
Whatever you’re considering, we can help you weigh up your options. Get in touch today! 0203 2913001
Your home may be repossessed if you do not keep up repayments on your mortgage