When you come the end of your current fixed rate deal you have several options:
Stay on your current lender's Standard Variable Rate
Fix into a new deal with your current lender - this is called a product transfer
Remortgage your home with a different lender that can offer a better deal
What are the Advantages of Staying with your Lender?
If you were careful when you chose your mortgage lender or used a mortgage broker, such as The Mortgage Hut, it is possible that your current lender is still the right one for you and can offer you a very competitive deal. There are also a number of costs associated with remortgaging such as a valuation fee and legal fee which won’t be needed if you are to stay with your current loan provider. Perhaps you are happy with your lender’s service and it may be that they can offer you something that a new lender can’t, for example, if you have an interest only mortgage which may be hard to get with a new lender.
Should I Consider Remortgaging?
Even if you are happy with your mortgage lender and think they are offering a good deal, it is worth taking a look at all your options before you decide. Although there are costs involved with remortgaging, if the rate is a lot better it could be that the cheaper monthly repayments easily outweigh these costs. It is also possible to find mortgage offers with special rates for new customer or offering free valuation and/or legal fees as an incentive for switching. A new lender might also offer you benefits that your current provider doesn't such as the opportunity to make increased overpayments, mortgage holidays or the option to adjust the term of your mortgage which may suit you better than your current deal.
Speak to The Mortgage Hut for Friendly, Professional Advice
Whether a product transfer or a remortgage is right for you will depend on your personal circumstance. However with so many different lenders and deals on the the market it can be difficult working out which is the best option.
After just a short appointment, face to face or over the phone, a Mortgage Hut adviser can find you a variety of options tailored to your individual situation.