Self-employed and due to remortgage? Don’t Panic!

Advises Rob Starr MBE, CEO of Seico Mortgages.

What do you do when you know your fixed mortgage rate is going to end in the next few months and the rates are now three or four times higher than your current deal? The first bit of advice is don’t panic.

The majority of you will have a Repayment mortgage (capital & interest) and, therefore, just because the rate is three times higher does not mean your payments will be – the increase in rates will only affect the Interest portion of your mortgage and not the capital repayments. If you have an Interest only mortgage then there are also things you can do to keep the payments from going sky high and we can also explain this in a one-to-one phone call. 

Don’t bury your head in the sand

This brings you to the next piece of advice – speak to us now.

This is important as we can start the process of finding you the best rate up to six months before your current deal expires and it will cost you nothing to get this done.

With mortgage rates now at their highest for decades you really cannot ignore the fact that at some point the increase will find its way to you. So, this is not the time to hide away and bury your head in the sand. It’s really important to take action now and get the best rate you can today.

Challenges

The beauty of acting now is that, at Seico, we can hold today’s best rate for you and keep it there until your existing rate expires. This protects you from any further increases that might come along between now and your deal running out. But it doesn’t end there!

We have you covered 24/7. From the moment we secure the best rate for you we keep monitoring your deal and then if an even better one appears before your current deal runs out we can dump the one we are holding and put a hold on the new one.

And then there’s even more! Once your deal is in place you will be on our FREE Mortgage Monitoring system, which is an automated system that keeps an eye on your deal and compares it to the market 24/7. We will keep you updated on not just your mortgage payments, but the value of your home as well. Being prepared has never been as easy as it is today.

Our tips and advice

Doing nothing is actually the harder option! Doing nothing will mean that you are not taking advantage of the best deals available today. Doing nothing means you will have to scour the entire market yourself when your current deal expires, which not only means you may end up with a huge monthly increase, but also all the added stress that it brings. Acting today and calling us to get onto our Mortgage Monitoring service is the easiest option to a stress-free remortgage.

So, act today, or at least six months BEFORE your existing mortgage runs out and make sure any increase you have to suffer is as low as it possibly can be.

You can speak to a specialist broker at Seico for your free mortgage consultation on: 01273 715885

Or email to book a telephone appointment: mortgages@seicogroup.com

www.seicogroup.com