HM Insights

Coronavirus: how to help futureproof your finances by remortgaging your property

Many of us are well versed these days on sourcing the best "deal" on our day-to-day and monthly outgoings. Perhaps, however, we are not so good at looking at how we can save money on our largest monthly outgoing – our mortgages. Often there is a concern the process may be complicated or costly but it really needn't be either.

With the news dominated by talk of Covid 19 and its impact still unknown, it may be surprising to hear that there are some attractive mortgage rates available to take advantage of that could help home owners through difficult times ahead.

In this period of uncertainty in the financial markets, having your biggest expenditure fixed for the foreseeable future for many would be comforting.


Remortgage overview

Fixed rates, available at 1.59% or in some cases less depending on your loan-to-value ratio, can give you certainty for the foreseeable future. A fixed rate would lock you in for a number of years with penalties if you repay early, but many mortgage products can be "ported" to a new house if you decide to move during the initial period.

If fixed rates are not for you there are still deals to be had on variable rates and tracker mortgages.

What's more, many lenders will also offer as an incentive a contribution towards your legal fees for re-mortgaging, which in some cases will cover if not all of your legal fees then a significant portion. Even without such a contribution the monthly savings that can be made by re-mortgaging should quickly outweigh the costs involved in the process.

We have close working relationships with independent financial advisors who can navigate their way through the mortgage market to find the best product available for you personally. They would liaise with the bank on your behalf and handle the mortgage application process for you.

A mortgage offer once issued would be sent to you with a copy being sent to us as your legal representatives. From there we would then liaise with your existing lender and you to agree a date to swap to the new mortgage provider, repaying the existing mortgage and drawing down the new loan.

Get in touch

If this is something that you wish to explore further, please contact your usual Harper Macleod contact or call us on 0141 227 9409 and a member of the team will be happy to help.

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