If your current mortgage rate is coming to an end, timing is everything when it comes to your remortgage. One number I always tell my clients to remember is six.
Six months is the magic number.
That’s how far in advance you should start thinking about your remortgage, and in a video on my YouTube channel I explain this in more detail…
Here I explain why getting ahead of your mortgage renewal date is so important and how it can help you lock in the best possible deal…
Why Start Your Remortgage Six Months Early?
Many people wait until the last minute to look at remortgaging, but by then, your options may be more limited. The mortgage market can move quickly and unpredictably, especially in times of economic uncertainty. Interest rates can rise with little notice, and lenders may withdraw products or change criteria at short notice.
By starting your remortgage six months before your current rate expires, you can:
- Reserve a competitive rate early
- Avoid sudden rate increases
- Allow time to compare deals across the market
- Ensure a smooth transition to your new deal with no overlap or delay
Rate Drops? You Still Benefit
One of the advantages of working with a mortgage broker like me is that even after we reserve your rate, I continue to monitor the market. If rates drop before your new mortgage completes and the lender offers a better deal within the same criteria, I will proactively request that lower rate for you.
This happened recently with several of my clients. We secured an initial rate, then re-applied for a better one when the lender dropped their pricing a few weeks later. They completed their remortgages on lower rates without any additional work on their part.
You don’t lose out by acting early. You give yourself more protection and more flexibility.
The Cost of Waiting
On the other hand, I’ve also had clients come to me too late. By the time we looked at options, rates had risen, and we missed out on better deals that had been available just a few weeks earlier.
Timing matters. Lenders typically allow you to secure a rate up to six months before your current deal ends, so why wait?
Let’s Talk About Your Remortgage
If your mortgage deal is due to end in the next six to seven months, now is the time to get in touch.
I’ll walk you through your options, compare the best deals on the market, and help you secure a rate that protects you against any increases between now and completion. And if better rates come along in the meantime, I’ll do everything I can to make sure you don’t miss out.
Being proactive now can save you stress and money later.
Get in touch today to start your remortgage journey.
Header Photo by Curtis Adams / Pexels