Could this be a good time to remortgage?
Interest rates down to 0.1% – is this the time to consider a remortgage?
The Bank of England is constantly monitoring and adjusting to the complexities caused by the pandemic to our economy. They have once again and within close succession to their previous actions responded with measures to help ease the financial burden on borrowers and within the scope of their current ability.
Now with the BoE base interest rate at a historically low level of 0.1%, could this be the time to consider a remortgage?
For those of you who are considering a remortgage for home improvements, debt consolidation or if you are paying a standard variable rate (SVR) mortgage you may benefit by switching to one of the many competitive fixed rates currently available in the market.
At Buckingham James we believe that if you are in the market for either a remortgage or a switch to a more attractive rate arrangement you may be advised to act fast as the current historically low rates may not be around for too long.
In recent days and weeks we have witnessed many lenders reducing the number of available mortgage products due to COVID-19 and with some closing off arrangements at the higher loan to values (LTV).
In sharp contrast to this, there now appears to be a steady stream of lenders gradually moving their position on this and with some returning to higher loan to value loans including; Halifax and Nationwide who have both reintroduced their lending back up to 85 per cent LTV.
However, interest rates are currently so low that it’s very difficult to imagine them falling much further. So, if you are considering a remortgage within the next three months, this could be the time to get in touch with us and discuss all of your mortgage options including if remortgaging is right for you at this current time.
In accordance with social distancing, Buckingham James adheres to practicing the delivery of advice from a safe distance. We will be happy to provide you with the advice you need using Zoom, Skype or other video technology.
Many lenders are now processing mortgage arrangements online and using ‘desk top’ valuations to ensure a smooth flow to the application process.
Get in touch with us and find out how we can help you achieve your goal.