Is your mortgage ending soon?
Like every homeowner, we understand you’ll want to secure an improved deal.
With that in mind, it’s important to carefully research and understand your options before making an informed decision.
What is a fixed-rate mortgage?
A fixed-rate mortgage is simply a type of mortgage product, that has a set interest rate for an agreed period that doesn’t change when you make repayments.
It’s preferred by those who like to budget for consistent payments.
One of the questions we’re often asked is: ‘Can you remortgage when on a fixed rate?’ The answer is ‘Yes’.
However, let’s explore the topic in more detail below.
Are you allowed to remortgage when you’re on a fixed-rate mortgage?
Yes, of course it’s allowed!
There are, however, several factors to consider.
First, if you decide to remortgage before your fixed-rate arrangement ends, you may be required to pay an Early Repayment Charges (ERC). The cost depends on the specific conditions set by your lender, so it’s best to check before committing to a decision.
If you’re on a fixed rate, the best time to consider remortgaging is around six months before your current deal is due to expire.
Not only can doing so help you avoid an early repayment fee, but also gives you time to explore the range of deals available out there.
We can help. Why not arrange a consultation with a member of our team today?
What happens if you want to remortgage while on a fixed rate?
As mentioned above, your first port of call should be consulting with a knowledgeable mortgage advisor who can help you to compare different mortgage products.
Remortgaging is the process of switching your existing mortgage on a home you already own to a new deal. That could be with your current lender, but it doesn’t have to be.
If you want to remain with your existing lender, but change your mortgage product to a different one, then you should consider a product transfer (also referred to as a ‘product switch’).
Once you’ve selected a mortgage product that suits your circumstances, it’s time to start make an application.
If you’ve opted to switch lenders, then there is likely to be several steps involved in the process, such as credit checks, affordability assessments and, in some cases, a property valuation.
You’ll likely need assistance from a solicitor or legal professional and, once their part in the transaction is complete, you’ll be ready for your new mortgage to begin.
Turn to the experts for help with remortgage deals
UKMC is committed to assisting you to make the best decision for your situation.
If you’re unsure about the remortgaging process, then ask us – we’re here to guide you at each step of the way.
We’re fully transparent, and will tell you about early repayment charges, product fees, and other crucial information before completing your remortgage.
If your current fixed-rate deal is coming to an end soon, let us help make the transition to a new deal as seamless as possible.
Don’t just take our word for it; UKMC has racked up more than 400 positive reviews on Trustindex.
So, don’t delay, why not schedule your consultation today? Our remortgage advice process is quick and hassle-free.
Disclaimer
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct
Authority. FRN – 826982. Registered in England & Wales: 11614569.
As a mortgage is secured against your home, it could be repossessed if you do not keep up
the mortgage repayments.
The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
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