The housing market is facing a short-term crisis, like many other industries as economic activity shudders to a stall due to Coronavirus.
However there is an area of the mortgage market that should be largely unaffected, and that’s remortgaging. In fact, with household income expected to feel its biggest pinch since 2008, those whose present mortgages are up for renewal in the next 3-6 months might be in for a pleasant surprise.
There were two base rate cuts during March. One on 11 March reducing rates from 0.75% to 0.25% and then again on 19 March to 0.1%. These reductions are filtering through to mortgage rates which will lead to a more competitive remortgage market.
We advise people 3-4 months ahead of their current mortgage expiring to start to consider a new one. A mortgage adviser like Ashton Taylor can access the whole of the mortgage market to ensure an ideal match between product and customer profile. The other advantage of using a mortgage adviser rather than arrange your own remortgage is that all of the paperwork is done for you. Right and first time!
There’s not a lot of good news around at the moment, so make sure that you take advantage when there is, and possible remortgaging is one of those.
Contact Tom Ashton on 0330 043 0013 or email firstname.lastname@example.org