The rush to remortgage before Brexit deadline

With Brexit looming and the uncertainty that goes along with it, many are unsure with what will happen once it has happened and what will be the state of the economy.  Due to this reason, a lot of people are wanting to remortgage either to make home improvements, or to (which is the most likely at present), is to find a better deal than that which they have now and possibly move lender or to stay with their current lender but on to a different tariff.  When is the best time to do this?  Many borrowers are unsure when you should remortgage your property and often assume it’s within the last month.

Well at the moment as so many people want to do this for a number of reasons, however, would suggest that it is best to start looking into the possibilities when you think the time is right for yourself and as and when you can, as regardless, of Brexit or not, it is never a bad time to find a better rate for yourself and to hopefully reduce your monthly repayments.  With Brexit coming though and the recent interest rate increase from 0.5% to 0.75%, Mortgage Arrangers are finding that people are looking to remortgage and swap lenders for a better mortgage deal.  Maybe a fixed rate mortgage would be better at the moment and think that is what the majority of people are looking for so regardless of whether the interest rates go up or not, your monthly repayments would not.  This offers a bit more stability in a time of uncertainty; at least you know what your monthly mortgage payments will be in the upcoming years just following Brexit.  Those on variable rates, the monthly repayments go up as soon as the interest rates do.  To do this you can go to a mortgage broker who will go through all the options with you from the firms they have on their books and normally for a fee or another way is to look on comparison sites online and finding a deal that suits you that way.  These days it can be quite simple and straightforward to do online yourself, therefore cutting out the middle and some fees for yourself.

Another reason for the rush to remortgage is for those who are thinking of making home improvements rather than moving house due to the uncertain property market at the moment.  House prices seem to be decreasing slightly and people are investing more money into their current properties in hope of the property being worth more money when they do eventually go on to sell in the future.  All sorts of home improvements can increase the value of your property, especially extensions, but remember to factor in the costs of planning permission and architect fees etc.

For borrowers who have taken advantage of the Help to Buy Scheme, it is still possible to remortgage – more information on this is available on Which? here.

So basically what it comes down to is, you could leave it to the month before Brexit to change and remortgage your property or you can start looking into it now and at least see what your options are and then you know and can change at any point you may be ready to.  There seems to be a rush as people are not certain about the interest rates etc, but look online and use some mortgage calculator tools to help you figure out which deal is best for you and on some comparison sites to give you an idea of what is available and move from there.  If that is only a month before, or a week before, so Beit, it is what suits you and your finances and depends on each individual circumstance.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Damaged timber from Dry Rot
Estate Agent Talk

Mould and damp – what you need to know ahead of winter

With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More
Breaking News

Rental price and average salary tracker – September 2025

London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More
buying at auction uk
Breaking News

The cities where buying beats renting – with just a 5% deposit

British first-time buyer mortgage payments are typically 17% cheaper than renting, even with a low 5% deposit The average 5% deposit is £11,412 based on a typical first-time buyer property price of £228,233 Among major cities outside London, the biggest gap between owning and renting is in Glasgow, where buyers could save more than £4,750…
Read More
Rightmove logo
Breaking News

Rightmove’s Weekly Mortgage Rates Tracker

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.51% +0.00% -0.37% 5-year fixed 4.55% +0.01% +0.01%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.77% +0.05% -0.07% 5-year fixed 3.97% +0.10% +0.29%   Average…
Read More
Rightmove logo
Breaking News

Data and commentary from Rightmove on stamp duty reforms

Colleen Babcock, Rightmove’s property expert said: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder. “Our data shows that only 5%…
Read More
Breaking News

Second-time buyers dominate demand for longer term fixed mortgage deals

Second-time buyers are dominating demand for longer term fixed mortgage deals, fresh data from Moneyfacts Analyser can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost two-thirds (58%) of second-time buyers who compared mortgage deals using the moneyfactscompare.co.uk website were considering terms of three years or longer in the 30 days to 1…
Read More