Is the New Year a good time to consider re-mortgaging?

The answer is maybe!

Traditionally, lenders are looking to get market share and get off to a good start to the first quarter of a New Year. This means that rates are normally competitive, but they do not last long!

If a lender decides that they want to get a foothold in the market by issuing low rates they will soon withdraw them when they have sufficient new pipeline business.

This can be frustrating when advising clients as by the time we collate all the documentation in time to submit an application the product could have been withdrawn or the rate increased!

When a particular lender has a market leading rate, they will be inundated with applications so it is all about timing from them as leaving the rate available too long has a significant impact on processing and this can happen.

This type of activity is mainly associated with the larger lenders and so using a broker to spot the low rates on offer, and the knowing the likelihood of them being available for long, is essential.

For more advice and help with making a new start with your mortgage finances in 2022 please give Compass a call and they can point you in the right direction – 01903 815444