News & insights - Remortgage

Soaring living costs are already hitting many households hard but remortgaging to a cheaper deal could potentially reduce your monthly outgoings and make bills more manageable.

The Bank of England’s Monetary Policy Committee has voted by a majority of 8-1 to raise the base rate to 0.25%, providing little festive cheer to homeowners.

Inflation jumped to 4.2% in the year to October, up from 3.1% the previous month, with the Bank of England under mounting pressure to raise the base rate next month to help curb rising living costs.

Despite widespread speculation that an increase could be on the cards, the Bank of England’s Monetary Policy Committee voted to leave the base rate unchanged at 0.1% this month.

Higher inflation is now leading to speculation that there may be a need for interest rates to increase.

Although the Bank doesn’t want to stifle economic recovery following the pandemic, if inflation doesn’t start to fall back, there’s a chance that rates could rise in the not-too-distant future.

Homeowners coming to the end of their current mortage deal are being urged to explore their options

There may come a time when you wish to add your partner or spouse to your mortgage. We explain how in this blog.

Homeowners who are struggling to meet their mortgage repayments because their incomes have fallen can take a break from payments for up to six months, under new plans to extend the availability of payment deferrals announced by the regulator.

The government has announced a three-tier system of restrictions to prevent the spread of COVID-19, leaving many home-movers and homeowners wondering how the new rules will affect their plans.

Borrowers who are experiencing financial difficulties due to coronavirus should continue to receive support from lenders once their payment holidays finish, under new draft guidance from the financial services’ conduct regulator.

Homeowners with leasehold properties could find it easier to buy the freehold or extend their leases, under changes to the leasehold system proposed by the Law Commission.

Nationwide, Britain’s biggest building society, has reduced the maximum amount it will lend so that it can “continue to lend responsibly”.

Homeowners who have taken mortgage payment holidays to help them weather the financial impact of coronavirus may be able to extend their breaks by three months, the Financial Conduct Authority (FCA) has confirmed.

The Bank of England is reviewing whether to cut interest rates to less than zero to help stimulate an economic recovery, but has said it won’t act until it has fully assessed the impact of doing so.

There are lots of reasons you might not have switched your mortgage yet, but are they actually myths? We look at the top reasons why you may not have remortgaged yet and why it might be a good idea...

Some mortgage lenders have announced changes to their affordability criteria to give more clarity for those who have been furloughed due to coronavirus, or those who receive a variable income which includes bonuses.

Lenders have now given over 1.6 million payment holidays to support customers affected by the coronavirus outbreak.

More than 1.2m homeowners have been offered mortgage payment holidays by their lenders to help them weather the financial impact of coronavirus.

Keeping mortgage costs to a minimum is likely to be a priority for most people during this difficult time and moving to a new deal with the same lender may be one way to reduce monthly payments.

Taking a break from mortgage payments won’t affect your credit rating, credit reference agencies have confirmed, providing peace of mind for those struggling financially due to the coronavirus outbreak.

The Government has announced that homeowners struggling with mortgage costs may be able to claim a three month “holiday” from their payments.

Nationwide, the UK’s largest building society, will soon re-enter the interest-only mortgage market - but only high earners will be eligible.

Paying off your mortgage early is a pretty appealing prospect for most people, so it’s little wonder that many of us plough any cash we don’t have an immediate need for back into our homes.

We explain everything you need to know about mortgages and the impact having children can have on your ability to borrow.