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Remortgaging is a smart way to reduce your monthly payments or free up cash for other expenses. Follow these tips to get the best deal, and don’t hesitate to consult with the Purple Patch team for expert advice.
1. Know When to Remortgage
- Your current deal is ending.
- You’re paying a high standard variable rate (SVR).
- You want to release equity from your home.
2. Consider Fees
- Check for early repayment charges on your current mortgage.
- Factor in arrangement fees for the new mortgage.
3. Improve Your Eligibility
- Pay off outstanding debts.
- Maintain a stable income and job history.
4. Fix or Track?
- Fixed-rate mortgages provide stability.
- Tracker mortgages may offer lower initial rates but come with risks if rates rise.
Purple Patch can help you evaluate all your options and guide you toward the best solution for your financial situation.