Have you held your current mortgage for more than 3 years? If the answer to this question is yes, the likelihood is that your mortgage product, be it a discounted rate or a fixed rate has already expired, or will expire in the near future. In the majority of cases this will mean that the interest rate applying to your current mortgage, and therefore your repayments, will increase overnight.
Provided that you do not have an early repayment penalty against your mortgage it may be time to get a new mortgage and therefore a new product. This may have the consequence of allowing you to reduce the term of your mortgage or reduce your monthly payments or possibly both! Many people don't take advantage of the offers available for a number of reasons: they have forgotten when their current mortgage product expires, they cannot be bothered or they believe that the set up costs of arranging a new mortgage are too much. Making enquiries costs you nothing!
Although interest rates are not as low as in recent years, a good mortgage product should still give you a mortgage interest rate lower than the Standard Rate of your current lender. Of course the disadvantage is that if you obtain a new mortgage product you may be tied into it for a number of years and depending on your circumstances this may not be what's right for you. There is no guarantee of course that you will not be disadvantaged by remortgaging as the interest rate could go down and products available in 6 months time could be better that the products available today.
You should discuss your options with an independent mortgage advisor so that he or she can give you the professional advice that you require.
|
