The rates for a 2-year fixed mortgage now sit at around 5% and the Bank of England (BoE) looks set to continue to raise the UK base rate over the course of this year, given UK inflation remains stubbornly high.
Any mortgage holders that need to refinance at any point over the remainder of 2023 will typically do well to consider their options now. This doesn’t mean you need to start the refinancing process immediately, but you’ll have a clearer idea of your options, the products you’ll be eligible for, what you need to prepare in terms of documents and so on. Enness will talk you through your options free of charge and without any obligation to take discussions further – simply contact us to understand what you may want to consider and what rates we are likely to be able to source for you.
In a rising interest rate environment, the simplest advice is often the most useful: if you can, think ahead. You don’t have to take immediate action to remortgage now, but knowing your options, the costs, what’s available to you and what you might expect to pay for a mortgage today will mean you can make an informed decision about when to remortgage.
If your fixed rate is coming to an end in the next few months and you want to get ahead of more potential rate hikes, or if you simply want to explore remortgaging options, we can run cost comparisons for you. We’ll take any early repayment fees and lender/admin fees into consideration, as well as any other costs you’ll incur if you remortgage. The cost comparison will be invaluable because you’ll have a breakdown of what it is likely to cost you to remortgage at the end of your fixed rate or if it makes sense to remortgage now, locking in current rates. You’ll also get clarity on what you’ll pay with a product that reflects the new BoE base rate.
The end of 2022 saw the mortgage market something of a ‘muddle’ as lenders withdrew certain products from the market as they looked to assess affordability in the interest rate rising environment and deal with the sheer number of remortgaging applications. While the mortgage market is less volatile this year, the product offering – and lending criteria – are changing with more regularity than they have done in previous years. If there is concern about a property collapse (whether justified or not), lenders may also pause or withdraw products from the market.
However, it’s not only that products are being pulled from the market. Lenders need to win business in the current environment, which means they’re looking to secure as many new borrowers as possible. Lenders are still bringing new products to market or they’re looking at ways to ‘tweak’ their current offering to make it more competitive. Working with a broker that has whole-market access but also who knows – in real time – the best products is the key to securing the best rates and terms at the moment. A broker will be able to inform you about products right up until the last minute before you complete a remortgaging deal, and will give you impartial advice on if you might want to consider it in the context of it being more beneficial to you than the offer you are about to take.
When you approach us to remortgage, we will give you personalised advice about the best products on the market for you. If there’s anything in your background or situation that will potentially make securing the best rates or terms a challenge, we’ll help you troubleshoot or find a solution that will allow us to negotiate the most competitive deal available. We’ll give you concrete cost analysis, answer any questions you have, look at standard and niche mortgage products that may provide a cost advantage, and negotiate with all the lenders in the market to get the best deal for you.
We are specialists in high-value and high-LTV remortgaging. We can help you remortgage by:
We have a proven track record assisting high-net-worth individuals to remortgage and access the best rates and terms available. Whether your present terms are coming to an end, if you are on a variable rate and want to explore a cheaper mortgage product than you are on already, get in touch – we can help.
This guide is for information and illustrative purposes only and nothing contain within should be construed as advice or a recommendation.
Financing options available to you will depend on your requirements and circumstances at the time. Any changes in your circumstances, any known likely changes, or omissions in the information you provide can affect the suitability of the options available to you. These should be communicated to us as early as possible.
If you are considering securing debts against your main home, such as for debt consolidation purposes, please think carefully about this and consider all other options available to you.
Your home may be repossessed if you do not keep us repayments on your mortgage or other debts secured on it.