Re-fixing your mortgage

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Re-fixing mortgages: How to get the best deal from your bank

So, you’ve got a fixed term mortgage coming to an end, and with interest rates the way they are, you’re probably wanting to see at least a few decimal points drop off the current interest rate you’re paying.

At the end of your fixed term the bank will offer you a new interest rate, and taking the market into account, it’s a pretty sure bet that it’ll be lower than your last fixed-term mortgage rate.

But how can you be sure it’s the best rate going?

The only way to know you’re renewing your mortgage at the best rate is to push the bank a bit… And that means putting the pressure on, playing a bit of bad cop. Because if you don’t, you’re unlikely to get the very best deal going, or more flexibility in your terms.

‘But I don’t want to upset the bank!’

Don’t worry – they’ve heard almost every request before. Like anyone selling a product, the banks are trying to retain as much profit as possible and unless you ask, they’re not going to offer up those extra remortgage offers and rates willingly, just like the telly shop won’t knock another 5% off your 70” TV unless you actually enquire.

‘Does it mean I’ll have to leave my bank to get a better deal?’

Not necessarily… in fact probably not at all. Often the hassle of changing cards, accounts, online banking aren’t worth the minimal savings you’ll make – if you actually make any savings at all. As much as possible it’s smart to try and get the best deal out of the bank you’re already with – and often they’re happy to come to the party… customer retention and all.

So – your choices?

Get tough and get asking. Or leave it to the professionals and get a mortgage broker to do the dirty work and get you the best remortgage offers and structure out there. Honestly, it is that easy. And free too

We’re there to put pressure on the banks to give you a better interest rate. And to look at what options you have… Maybe a different term might suit you now? Or is there a better way to structure your mortgage? We know the questions to ask, and can help you tailor a new mortgage deal to suit you.

It is that simple. The bank pays us a small fee if you get us to handle the re fixing mortgage process for you. If you’re broadly happy with your bank then we’re happy to leave you there too. Sure, there’s a little bit of paperwork but we handle most of that. You can meet us in person if you like, but email, phone and skype work well too.

Some things to consider when re-fixing…

Rate is important but structure is too

  • You might be thinking of doing up the place then selling on. That might mean you go for a shorter fixed term mortgage than you did last time round. That way you don’t have to break a fixed rate when you sell.
  • You might now have a baby on the way, and that means one income will drop off for a while. So you want to lock down the lowest interest rate for a reasonably long time to keep costs steady.
  • Perhaps you’re expecting commission or bonuses and want to be able to drop lump sums into the mortgage easily.
    Maybe you’ve had a pay rise lately, which means you won’t have any lump sums to drop on the mortgage, but you can increase your payments.

When it comes to re fixing your mortgage, we can give you sound advice on finding a remortgage offer that gives you the best rate and structure for your lifestyle – just ask.

We’re here to take the hassle off your hands. Happy to chat any time

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