Understandably, the coronavirus pandemic has made people reluctant to make any big financial decisions right now.
However, with interest rates at rock bottom, those looking to remortgage could potentially get their hands on a suitable deal. Recent data shows that, between January and 26 June, average rates for 60% LTV two-year fixed mortgages dropped from an average 1.81% to 1.69%, while 80% LTV mortgages saw rates fall from 2.43% to 2.13% on average.
Those on discount, tracker or variable rate mortgages, however, could already be benefiting from low interest rates.
High LTV borrowers may struggle
Homeowners looking to remortgage at a high LTV could be at a disadvantage; 90% and 95% LTV deals have not only seen rates shoot up since January, but the number of products available has plummeted dramatically. Between January and 26 June, the number of 90% LTV deals available fell from 751 to just 72.
Come to us
Whatever your remortgage needs, please get in touch. We can provide advice on the best type of mortgage deal for your circumstances and help you secure the best possible rate. Contact us.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage