In recent years the options open to you if you are looking for a great mortgage deal have improved significantly. 2,3,5 and 10 year fixed rates are at all time lows.
Whilst rates are low the right mortgage deal for you will depend on your personal circumstances.
Things to be mindful of include:
A key consideration for lenders is affordability when they lend. In assessing whether an interest only mortgage is right for you income criteria will come into play.
For example for a £100k mortgage, a lender typically would need to see an income between £20,000 to £30,000 depending. Some lenders offer higher income multiple mortgages for professionals e.g. doctors or lawyers.
This criteria will vary so if you are unsure speak to a broker such as ourselves will help you get the right deal for your circumstances.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.