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Regardless, it takes around one month for a remortgaging deal to go through, so it’s a good idea anyway to be ready for it.
With interest rates fluctuating, you may wish to consider remortgaging with a variable rate tracker mortgage plan, or move onto a fixed rate mortgage for stability.
If you’re not sure which is best for you, read our guide to fixed rate and variable rate mortgages or see below for a brief overview of the main differences.
Remortgaging for a better deal and to save money on your monthly repayments is one of the more common reasons to remortgage your property.
Remortgaging can also save you thousands of pounds, but it comes down to your personal circumstances.If you expect the bank rate to go down then you could be getting a good deal, but if it goes up then you could be risking higher monthly repayments.Offset mortgage: With an offset mortgage, your mortgage and savings account are combined, and the money you have in your savings account is counted as a temporary overpayment towards your mortgage, which could save you thousands in interest.However, switching to a remortgage deal could also cost you, unless the provider is offering you a fee-free deal.In order to switch to a remortgage deal, you will often have to pay an early exit fee along with the legal costs and a survey.