Remortgaging onto a better deal may be a way to save money on the monthly payments you are making. For example, if you move onto a fixed-rate mortgage deal after languishing on your lender’s Standard Variable Rate (SVR) you will most likely dramatically reduce your monthly repayments. Your interest rates will usually be fixed for a set period of time, so make a note to look at your options before the end of the deal. If you don’t remortgage at the end of a deal, your repayments may suddenly jump.
It’s important to note that remortgaging during times of financial hardship may mean that your application is not successful, but if you are looking at future payments and thinking that you might not be able to afford them, then remortgaging could be a good option.
If you’re a homeowner who is over 55, it may be worth speaking to a lender about retirement interest-only mortgages. These enable you to only pay the interest on your mortgage amount indefinitely. You don’t have to worry about repaying the capital loan, which is only repaid when you die or move.
If you’re looking for somewhere to start, we’ve partnered with an experienced mortgage advisor to offer Rest Less members high quality advice on standard, retirement interest-only and buy-to-let mortgages. You can book a free, no-obligation call back here.