Fixed Rate Remortgage

If you are coming to the end of your current mortgage deal, and are on the lookout for a new deal that would lower your monthly repayments, you may find that now is a good time to choose a fixed-rate remortgage deal. Typically, people choose a fixed-rate remortgage when they want to be certain about how much will be leaving their account each month, in order to make budgeting easier.

The alternative to a fixed-rate deal would make you dependent on the Bank of England base rate, meaning that you would run the risk of your mortgage payments rising significantly. At least with a fixed-rate deal, you have the peace of mind of knowing that for a set period of time (typically 5, 10 or 15 years), your repayments would not change regardless of the financial climate. At SimplyFinance, we offer a number of resources to help you decide whether a fixed-rate remortgage is right for you. We are also happy to put you in touch with a qualified remortgage advisor, so simply fill out our short form if you would like to have someone get in touch.

Click here to get fixed rate remortgage advice now!

Advantages of a Fixed Rate Remortgage

• Your interest rate will remain static. With a fixed rate remortgage, your interest rate will remain static for the life of the loan or for a fixed period agreed upon by you and your lender. Regardless of changes in the base rate, your interest will not change.
•  You'll be able to financially plan ahead. When your payments are the same every month, you will be able to plan ahead with your finances. You won't need to worry about a sudden increase in your payment amount, so you'll know exactly how much money you'll have left each month after making your payment.
• In order that your payments remain constant throughout the life of your remortgage, you will start by paying off more of the actual amount that you have borrowed, and less of the interest.  Then, as the payment amounts decrease, the monthly interest payments will rise, levelling out your payments.