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Remortgaging: A Comprehensive Guide to Securing the Best Rates

By zincdigital9,

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No matter your reason for remortgaging, it can be a stressful time searching for the best product for you. For most, the most important factor is interest rates. The best remortgage rates are usually found by those who know the industry well, so the first people you should be speaking with is a good mortgage broker. It’s crucial to approach the process strategically to ensure you obtain the best possible deal.

Allegro Mortgages are a trusted mortgage broker based in Milton Keynes, with over 50 years of experience helping local people get the right mortgage for them. If it’s time to remortgage, we’d love to help.

No matter what your circumstances, there are many reasons to consider remortgaging your home.

Your fixed rate mortgage is coming to an end
For those on a fixed rate, it’s important to explore your remortgaging options to avoid defaulting to your lender’s variable standard rate. This is typically more expensive and will lead to a large increase in your monthly outgoings.

You’re on a variable rate, and hoping to stabilise your outgoings
A variable mortgage can offer some benefits, but if you’re looking to keep your monthly expenses controlled, a fixed rate is a better option. You’ll know exactly how much you’ll be paying each month, no matter what happens to the interest rates.

You’d like to reduce monthly costs
Not only can you do this by switching to a fixed rate from a variable rate mortgage, but you can also reduce your monthly outgoings by increasing the loan period to a longer amount of time. What’s more, there could be cheaper mortgage products out there that will have lower payments.

You would like to raise additional borrowing
Your home is a valuable asset, and can be a useful tool in raising additional money to support you in:

So, how should you approach the remortgaging process to get the best rates?

Start Early
With rates changing on a daily basis, it’s best to begin looking with as much time as possible. Generally a mortgage offer is valid for around six months, so our team recommends that clients remortgaging an expiring product begin researching six to seven months before the expiry date.

Prepare Properly
Before embarking on your remortgage journey, it’s essential to be prepared by:

Communicate With Your Broker
We want to ensure that your remortgage process leaves you better off whenever possible. Therefore, if you have specific needs when it comes to your remortgage such as a release of funds or a specific monthly outgoing, let us know. It might change the recommendations we make for you.

Stay Flexible
At Allegro, we’ll keep looking for the best rates even when you’ve submitted an application for a mortgage. This helps us make sure that our clients are getting an optimal product, instead of locking them into something that might not still be the best option in a week’s time. If rates reduce between application and completion, most leaders will allow unlimited changes for free.
Remortgaging can be an effective strategy to lower your mortgage costs and achieve your financial goals. By following these guidelines, undertaking thorough research, and seeking expert advice, you can navigate the remortgage process with confidence and secure the best possible rates, potentially saving you a significant amount of money over the life of your mortgage.

If you’d like to speak to local remortgaging experts in Milton Keynes, speak to the Allegro Mortgages team.