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Money Matters Remortgaging [Again]…
T
he above issue comes round frequently, typically every two or five years, and my pile of text follows a similar dynamic. So, for your
reading displeasure …
That known problem or inconvenience is approaching once again; perhaps your favourite Barbour coat is due the biannual wash (other brands are available), or Father Time is insisting on another birthday. The starting point is to consider whether the problem can be deferred, the ostrich simile … I can save you some time here and confirm that no matter how much you protest your birthday will happen(!)
The internal battle of proactive vs. reactive/non-active plays-out throughout life’s journey, and very much applies to the renewal of your mortgage at the end of the fixed term.
“Yes, there’s an element of certainty about time itself; and yes, I did know that the preferential initial interest rate was due to expire; but it’s not life or death! …And I’m far too busy to deal with this right now.”
Next, you find yourself on the Standard Variable Rate (SVR) and invariably paying more per month than previously; especially those that have leapt up from the cushy rates of pre-2021. This hike in outgoings will motivate some parties to re-mortgage but others will passively acquiesce to the new rate… “I can do without the hassle”.
Providing an IFA or qualified mortgage adviser with the necessary details as you approach the conclusion of your mortgage fixed rate term, or asap thereafter, can enable them to carry out some analysis of the market and identify opportunities for you.
Tel. 01752 205205 •
ww.swlaw.co.uk By Rob Cowsill - IFA
Being proactive can be a real benefit with regards to your mortgage and it’s cheaper and easier than you may think. At SW Financial Planning there is no up-front cost and we only receive a fee direct from the lender if we successfully find and broker a new deal; this is known as the procuration fee. This structure will be mirrored by many advisers.
there are significant savings to be made - and it’s cheaper and easier than you may think.
Considering how hard many of us work for our money – “Eight Days a Week” - and the overall cost of living in 2026 (!), the prospect of unnecessarily overpaying £’000s per annum makes remortgage enquiry appealing ... How many hours at work could that decision save you? I’m the first to moan when my free time is ‘stolen’ by chores or paperwork, but here there’s a significant benefit at the end to soften the blow.
Interest rates have been steadily reducing – the worrying economic outlook is usurping rising costs – and the Bank of England Base Rate now sits at 3.75%. This provides the ‘best’ rates which mortgagers have been exposed to since 2023, and with further cuts anticipated and ‘priced in’, there are significant savings to be made for those in or approaching the SVR.
We are based at Lee Mill and also available at the Watermark Centre on the last Tuesday of each month, we’d be delighted to hear from you.
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