The ever-changing mortgage market has kicked out another perk for borrowers. Whilst the full stamp duty holiday comes to an end and the average UK house price is now £254,624, mortgage rates are at their lowest.

Borrowers may believe that incentives are in favour of those looking to get onto the property ladder. However, existing homeowners may also be able to reap the rewards of low mortgage rates by remortgaging, which is often overlooked and forgotten about but it may lead to a saving each month.

How can you obtain a lower mortgage rate?
Switching Lenders – In August 2021, there were 4,660 mortgage products available, an increase of 417 products from the month before.

Product Transfer – Your existing lender may have a better rate which you could switch to once your early repayment charge ends.

Mortgage Broker – A mortgage broker can review the whole market to find you the most suitable rates available based upon your circumstances. They may also be able to access exclusive rates.

Check your mortgage paperwork to see when your early repayment charge finishes. It is worth starting the remortgaging process up to three months prior as this allows sufficient time to get your mortgage approved and in place.

If you need any assistance with your remortgage or wish to discuss your options, don’t hesitate to speak with the experts at Amplo Mortgage and Financial Solutions. We can also advise on first time buyers and home movers mortgages as well as commercial and buy to let mortgages.