23 Jul

mortgage

Why remortgaging now is a good deal for homeowners

Summertime and the living is easy. But it’s also the best time to start looking for a new mortgage deal.

Yorkshire Building Society has crunched the numbers on mortgage finance and advised homeowners on a fixed-rate deal that’s ending this year to switch deals and save up to £200 a month on repayments.

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More competitive rates

Current homeowners on two-, three- and five-year fixed-rate deals that are ending later this year can take advantage of more competitive rates on offer from UK lenders.

And for those with one eye on the effect of Brexit, it makes sense to sort out a new mortgage deal sooner rather than later.

The Yorkshire analysed data from the Land Registry that suggests average UK house prices have risen from £191,855 in October 2014 to £229,431 by May this year. That’s a rise of almost 20 percent.

Savings to be made

Those who bought in 2014 and signed up to a five-year deal could now enjoy a lower loan-to-value (LTV) mortgage plus a better repayment rate by shopping around.

According to the Yorkshire, its own two-year fixed rate is 1.54 percent, saving £201 on repayments compared to the market average fixed rate of 4.25 percent from 2014.

Remortgaging is becoming increasingly popular as homeowners – some priced out of a move, others looking to realise some of the equity in their property – shop around for a better deal.

Get moving with Homeward Legal

Anyone looking to remortgage needs an experienced conveyancing solicitor to do all the essential legal work.

Homeward Legal works with expert property lawyers across England and Wales who can work quickly and effectively to deal with the conveyancing a remortgage involves.

Talk to our friendly team now on 0800 038 6699. We’re open seven days. You can also get a quote immediately for your remortgage conveyancing from Homeward Legal that’s cost-effective and value for money and comes with our no-completion, no-fee guarantee.