What Mortgage
No Result
View All Result
what MORTGAGE Awards
  • Login
  • Register
Add Listing
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer
No Result
View All Result
What Mortgage
No Result
View All Result
Home News Remortgaging

How remortgaging could save ‘first-time maturers’ over £200 a month

by Kate Saines
July 9, 2019
How remortgaging could save ‘first-time maturers’ over £200 a month
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

According to Yorkshire Building Society, £5.6 billion worth of mortgages are due to mature in the UK this month, making it the second largest ‘maturity peak’ of the year.

But thanks to a combination of reduced mortgage rates and increased house prices first-time maturers could take advantage of big savings.

Take, for example, a homeowner who borrowed 90% of a £200,000 property when they first purchased the home in April 2017 and who was on an interest rate of 2.04%.

According to Yorkshire they could now benefit from a reduced loan-to-value (LTV) – which is the proportion of the property for which they are borrowing money – of 85% when taking out a new mortgage after the UK’s average house price for first-time buyers increased by 3% during that two year period.

Value of remortgaging

Charles Mungroo, senior mortgage manager at Yorkshire Building Society said it was vital homeowners with maturing mortgages realised how important it was to remortgage.

Related Articles

  • Santander launches one-year fixed rate for landlords
    July 17, 2024
  • Getting the right advice on your mortgage during turbulent times
    October 31, 2022
  • Rising rates: How much are mortgages this week?
    August 23, 2022
  • The property loan which can help with home improvements
    August 23, 2022

“We know it’s a busy time for homeowners remortgaging generally,” he said, “but for those coming to the end of their initial fixed-rate term for the first time this month, it’s important they understand the value of remortgaging and not reverting to a lender’s standard variable rate (SVR).”

There were also advantages for anyone who was due to come to the end of a five-year first-time mortgage. Indeed, Yorskhire explained borrowers who took out a five-year initial deal back in April 2014 would benefit from further savings, after the average cost of a property for a first-time buyer increased by 22%, meaning homeowners could now benefit from a reduced LTV of 75%.

Mungroo added: “The savings speak for themselves, but we understand that renewing a home loan for the first time can be daunting.

“We’d encourage those going through it to do their homework, seek help from a mortgage adviser and don’t always assume it’s easier or better value to stick with their current lender.”

[box style=”4″]

What Mortgage has teamed up with L&C to offer you expert advice on the right mortgage deal.

Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.

[/box]

Tags: first-time buyersmortgage switchingproperty pricesSVR
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Our recommeded tools

Mortgage Calculators

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Best Buys

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Match

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mortgage Search

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related Articles

  • Santander launches one-year fixed rate for landlords
    July 17, 2024
  • Getting the right advice on your mortgage during turbulent times
    October 31, 2022
  • Rising rates: How much are mortgages this week?
    August 23, 2022
  • The property loan which can help with home improvements
    August 23, 2022

Newsletter

Register for our free weekly newsletter for all the latest mortgage news, tips, and features.

Sign Up

Polls

Will the increase in stamp duty on 1 April 2025 make you less likely to buy a property?

View Results

Loading ... Loading ...
  • Polls Archive
  • Advertise
  • Media Information 2018
  • Contact Us
  • About us
  • Terms & Conditions
  • Essential Links
  • Privacy

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515

[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
[MBM_Form id="284841"]

Buying a property, moving home or re-mortgaging? Sign up to our newsletter and marketing emails, and we'll send all the latest mortgage news, top tips, expert advice and what MORTGAGE Awards updates straight to your inbox.

I am a...*
First Name*
Email*
First Name*
Last Name*
Email*
Company
Job Title
I would like to receive...
No Result
View All Result
  • Home
  • News
  • Buy-to-Let
  • Homeowner’s Hub
  • Equity Release
  • wM Awards
  • First-Time Buyer

what Mortgage, Metropolis International Group Ltd © 2025
Registered in England no. 02916515