When is the optimum time to remortgage?
Is there such a thing as an optimum time to remortgage? The answer depends on you.
Switching mortgages can help you to save money or raise money. The optimum time to do this hinges on your priorities and circumstances.
For instance, if you wanted to take advantage of the equity in your property, now could be a good time, especially if the value of your home has risen by 10% or more since you bought it.
However, house prices in the UK at the moment are not rising very quickly.
The current combination of low numbers of people wanting to buy property AND low levels of stock is behind the slowest rise in house prices seen in 5 years. According to some market analysts, the lack of activity is due to the uncertainty around Brexit.
The danger is, if the trend continues, house prices could begin to fall. If this happens, it means:
- Less equity to take advantage of to raise funds.
- Less likelihood of being able to switch to a cheaper deal to save money.
It is difficult to predict at the moment whether house prices will fall. However, the likelihood is that interest rates will rise further and mortgages will not be as cheap in 2 – 5 years’ time.
Deciphering all this to determine the best time for you to remortgage can be tricky without expert guidance from Deal Direct. Our skilled professionals can fully review your situation, advise you on the optimum time to remortgage and search the whole of the market for the deal that offers you the best value.
For expert remortgage assessment and advice, contact Deal Direct on 0800 048 8828.
