Remortgage rates hit new low!

Call our mortgage brokers for the best deal when you renew your mortgage

Wednesday 1 September, 2021

In this article Marian Isciuc, mortgage broker in Harlow, Essex and London reviews your mortgage options if your mortgage product is due to expire in the next few months. Remember it is not too late to seek personalised mortgage advice if your mortgage is up for renewal shortly. Our mortgage brokers can quickly review your options and determine the best mortgage products available to you. Call Thomas Oliver now on 01707 872000 for mortgage advice.

Many people will need to renew their mortgage in the next few months

Over the last couple of weeks, we have highlighted that Buy to Let maturities are continuing to rise and by October 2021 we will see nearly £6 billion worth of Buy to Let mortgages come to the end of their initial rate period. If you include residential mortgages that figure is closer to between £20 and 30 billion.

Get mortgage advice as your mortgage costs may increase on your lender’s variable rate

The reason this is so important is because variable mortgage rates are approximately double most fixed mortgage rates, so if you do not re-fix your mortgage rate you could see your mortgage payments double. If you are coming to the end of your mortgage fixed rate, call our Thomas Oliver mortgage broking team now on 01707 872000. We can review the mortgage market and find you the best mortgage product and rate suitable for your personal circumstances.

What are your options if you need to renew your mortgage?

Below I have outlined the two different options when it comes to your initial rate period expiring: 


This is where we renew your mortgage with a different lender because they have better terms than your existing lender, or they offer specific criteria that fits your wants and needs

Product transfers 

This is where we switch rates with your existing provider. There is usually no assessment on this mortgage whether it is a buy to let or residential mortgage, your mortgage lender will just check your current mortgage payments are up to date. 

Marian Isciuc, mortgage adviser in Harlow, Essex & Grays, Kent and London said: ‘As you can see a product transfer is always available for most people so if you are worried about your income taking a fall due to the pandemic don’t worry as we should be able to keep your payments low, just call us for mortgage advice. At Thomas Oliver our team can take all the stress away and look at all the different mortgage lenders to make sure you get the best deal, as often sticking with your current mortgage lender is not the cheapest option. If your existing lender is the only option, we will switch your mortgage rate for you. As we carry out an advised mortgage service you will always get the best deal and sometimes, we have exclusive rates that your bank or building society will not give you when you go direct to them. Consultations are always at our expense, so you really have nothing to lose. Please get in touch for customised mortgage advice on 01707 872000, or complete our booking consultation so you do not pay more than you should when you renew your mortgage.’

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