Revamp your finances with remortgaging in 2020
With the New Year being a popular time for homeowners to look at improving their mortgage deal and free up some spare cash, now would be a good time to seek independent financial advice.
Leeds Building Society revealed April is set to be a popular time for remortgaging and this is when around £20.9 billion worth of mortgages are due to mature and the fact mortgage rates have fallen, means there are some competitive deals out there for people whose deals are due to expire.
Matt Bartle, director of products at Leeds Building Society, said: “Mortgage rates have reduced significantly over recent years so many borrowers coming to the end of their fixed terms will be able to access lower rates.
“Almost 140,000 mortgages will be maturing in April 2020 and these borrowers should be able to reduce their monthly payments significantly by remortgaging to a new deal.”
Leeds has done the calculations, based on an average borrower whose deal was due to expire in April, to find out how much they could save by switching to one of its no-fee fixed rate mortgages.
Someone in this position, it said, could save up to £150 per month on their repayments if they switched to one of its no-fee fixed rates of 1.79% for two years and 1.84% for three years.(rates as of 27/01/2020)
These rates would apply to someone with more than 25% equity in their home.
Bartle added: “We know that financial resolutions are popular and many people start the New Year looking to save more money.
“Actively seeking a better mortgage deal on maturity is one way to reduce monthly outgoings and it is important borrowers give themselves enough time to find the best deals.”
Anyone looking to remortgage is urged to look across the whole market before choosing their new mortgage deal and this is where we can help.
Looking for the best deal
With access to over 120 direct lenders around the UK and some deals that even the big banks are not privy too, Try Financial can offer advice and help you find the right solution for your remortgaging requirements. We can help you find the best rates and deals to help you weigh up the overall costs and how this will affect you.