There are a few signs to look out for to see if it’s time to remortgage. First and most obvious there’s the end date of your existing fixed or discounted variable rate mortgage deal, which can offer a perfect deadline for you to switch to a different product. As said, if you don’t remortgage by the end of your current mortgage term, you’ll more than likely end up on your lender’s SVR, which means your repayments will almost certainly go up – unless you move to a different deal on time.
If you’re on a deal that does not have a set end date, it can be a bit more difficult to determine when it might be time to change things up. If you’re keeping an eye on the news section of our site, however, you could use news of lower mortgage rates or impending rises to see when it might be a great time to take advantage of a competitive mortgage market to decrease your monthly repayments.
There may also be personal circumstances that could signal a remortgage might be the way to go. House prices might have increased enough, or you may have paid off enough of your mortgage, to be able to move down an LTV tier, as already mentioned, or you may want the opposite and actually borrow more money, for example for home improvements.
Remortgaging can provide the perfect opportunity to increase your mortgage amount and free up some cash – provided the lender allows this. Alternatively, you may want to consider a secured loan (sometimes referred to as a second charge mortgage) to keep your regular mortgage repayments as low as possible.