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Is it still worth remortgaging?
Within the ever-changing property market, the one constant over the last six years has been that the Bank of England base interest rate has remained at an all-time low of just 0.5%, and may go even lower.
With this low cost of borrowing, as the property market has improved over the last few years, lenders gain confidence to lend again and compete on mortgage rates. Some have reduced their rates to all-time lows.
Can you reduce your mortgage costs?
Even if you have already re-financed and reduced your mortgage costs in recent years, it’s still worth checking regularly whether there are better deals available. Mortgage lenders tend to review their offers on a three-monthly basis, so a more suitable product might have become available since you last enquired.
We would suggest you do this sooner, rather than later.
Firstly, because of the current economic uncertainty residential property has seen a temporary slowdown in proces which is not forecast to last for ever, and given mortgages are normally spread over decades, interest rates are highly likely to rise during the mortgage period.