Remortgages rising as January sees a peak

Date Posted:
January 13, 2023

As current deals come to an end and mortgages mature, January has seen a rise in remortgages, with borrowers seeking the benefits of lenders offering new deals to the market.

However, due to the Bank of England’s December interest rate hike from 0.1% to 0.25% in response to rising inflation, there has been a direct reflection within the mortgage market and the cost of fixed rate deals has seen a slight rise, taking all fixed rate mortgages above the 1% threshold. As they are rising from a low rate, the impact may not be seen as a direct problem, however, those looking to remortgage should consider a fixed rate mortgage and may have to do some shopping around to find the best deal or use the services of a mortgage broker such as Property Link Homes.

With further base rate rises expected and increasing house prices leading to stronger equity positions for homeowners, now is the time for borrower to take advantage of the current climate and avoid the increased costs of reverting to the standard variable rate provided by your lender. The Bank of England is also due to announce a possible further base rate increase on 3rd February 2022, so if you want to remortgage, sooner is better.

It is always important to remember that before accepting any new deal or remortgage offer, you should consider your own circumstances and any incentives. The cheapest deal is not always the cheapest long term and with lenders now charging upfront fees as high as £1,999 on their lower rates, and a premium on their “no fee” deals, it can be hard to correctly assess the full cost of a mortgage over a fixed rate term. This is where the advice from a mortgage broker can be invaluable. Not only can they help you analyse current offers and advise on the cheapest and most cost-effective deals for you, but with access to exclusive offers they can help you find a loan that may not be available on the high street.*

To help clients find the best remortgage deal for them, Property Link Homes are providing a free mortgage review to see how much money can be saved a month by remortgaging. In some cases, this has been hundreds of pounds a month, so if you are on a fixed rate deal that is ending, or are looking to remortgage, then please get in touch with them today for your free review.

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

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