Should you Re-Evaluate Your Current Mortgage Rate?

by | Friday 5th Jan 2018 | Mortgage Insights

man re-evaluating

Statistics show that re-evaluating and remortgaging a property has hit record highs across the UK this year.

According to new figures from Connells Survey & Valuation (August 2017) remortgaging accounted for 37% of the valuations market in August – the highest percentage in more than a decade, according to Connells’ records.

This is due to a variety of reasons. Many individuals are coming to the end of their low fixed-rate term and remortgaging to keep costs low.

“Many older mortgage deals are expiring this autumn which will mean moving onto more expensive standard variable rates,” explained John Bagshaw, corporate services director of Connells Survey & Valuation. “As a result, homeowners on these deals are opting to refinance, taking advantage of the intense competition in the mortgage market right now.”

Oportfolio is on hand to help people in London and the South East looking at re-evaluating their current mortgage and choose the best options for them and their financial needs.

How to approach the subject of rewriting a mortgage

According to research by TSB, 37% of those who remortgage to a lower fixed rate would use the extra money to overpay on their mortgage with the aim to becoming mortgage-free much faster.

Home improvements were also revealed to be a popular way to spend these extra savings. A third (30%) would carry out DIY jobs, with one in five (21%) planning to carry out major home renovations, and 16% allotting the money to garden improvements.

When it comes to splashing out though, 9% admitted they would buy a new car, 11% would buy a big-ticket item like a fridge or new TV, and 39% would be tempted to treat themselves to a holiday with the money saved from their mortgage payments.

In order to enjoy any of these benefits, though, individuals would first need to successfully re-evaluate and remortgage to a lower fixed rate. That’s where the Oportfolio team can help homeowners in London and the South East. A mortgage broker can help to assess and discover the solutions that are most suitable for an individual’s financial needs.

Building stronger relationships with lenders

Oportfolio’s specialist team will work with you before, during and after re-evaluating your remortgage to help you achieve your aims and potentially get a better deal.

Contact Oportfolio today and speak to our mortgage specialists now to discover what we can do for you, whether you’re looking for a mortgage, to remortgage or to rewrite the terms of your existing deal.

Your property may be repossessed if you do not keep up repayments on your mortgage.

Please note that neither Oportfolio Limited or First Complete Limited are responsible for the accuracy of the information contained within externally linked sites accessible from this page.

Oportfolio Ltd fees are payable on application. We charge a broker fee for property purchases of £495 and a remortgage/further advance fee of £395. Our product transfer fee is £295.

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