The only thing that currently seems certain about Brexit is uncertainty. Whether that’s a fact that terrifies or excites you, the lack of a clear plan in the British political landscape is creating difficulties and opportunities in all sorts of ways – including mortgage rates.
Thanks in part to a turbulent market and rising competition among lenders, mortgage rates in the UK are at a historic low. That means that even though house prices are still high, there has never been a better time to get a mortgage/remortgage.
When the political and economic future of the UK comes to a head on 29th March, these rates will be subject to unpredictable changes. That’s why Crunch Mortgages believe the time has never been better to secure yourself a low remortgage with no upfront fees.
How much could you save on your remortgage?
By remortgaging before Brexit, you could save yourself hundreds of pounds a month and enjoy these historically low rates for years to come. In fact, if your current deal expires within the next six months, you can still secure this low rate – you can even build in any additional borrowing at this lower rate, based on your house’s current value.
Consider this example: let’s imagine you’re on a £250,000 mortgage over 25 years, a 75% loan-to-value rate for five years, with a fixed rate of 1.84%. Compared to many lenders currently offering variable rates between 4.5 – 5%, you could save yourself a rather impressive £350 a month.
However, if you were to delay and the fixed rates increased, then for every 0.25% the rate increased, the approximate additional cost over five years sits at around £1,800. Not pleasant.
We’ll make sure you get the best deal
Of course, there’s no guarantee that interest rates will rise (although it’s hard to see them getting lower), but if a new deal comes out between the time you lock in your rate and the time you want to complete then we’ll make sure you don’t miss out.
Most of our lenders offer the ability to switch rate free of charge if they reduce prior to completion, so locking in now could be a win-win situation.
Remortgage with Crunch
With Crunch, we can help you take advantage of these historically low interest rates and take care of the remortgaging process on your behalf.
Our experts have access to the entire market and can help you secure exclusive mortgage rates. There are no upfront costs, and we can complete all of the paperwork for you.