Unrivalled market intelligence for your remortgage deal
Could you be paying too much for your mortgage? If your mortgage renewal date is coming up you should consider asking a mortgage professional whether you could be paying less each month.
Mortgages are most often taken out for a fixed term, and when yours is up you will automatically be switched from your – often heavily discounted – rate to your lender’s standard variable rate (SVR). It makes sense to know when your renewal is coming up and do your research – it could save you anything from tens to hundreds of pounds, so why wouldn’t you?
Remortgaging is all about market awareness, and with years of experience in the sector we know where to look and keep a watchful eye on the market.
Things to consider when remortgaging include:
- Fees. Lower rates do not always create the best deal as the administration/set-up fees for changing your mortgage need to also be factored in. Legal and valuation fees will also need to be considered in most cases, though some lenders will offer these free when you move to them. And your current lender may well charge you an exit fee for leaving them.
- Deposit. How much equity do you have in your property (how much of your property’s value do you actually own, and how much is owned by the lender)? This may well determine how much of a deposit you can offer to a lender as reason for them to give you the best deal – it is often the case that the bigger the deposit, the better the mortgage deal.
- Equity Release. If you are remortgaging to release some capital then you must first consider the deposit you’ll have left and how the reduced amount will impact on the mortgage deal you may get from another lender.
- Fixed or Variable Rates. Market conditions and personal preference may mean that you feel that one or other of these is best for you. Ask your mortgage broker for historical evidence and let them guide you based on your needs and financial situation.
For more information about remortgaging or to book an appointment with one of our mortgage advisors to assess current opportunities for you to save on your mortgage payments, call us today on 020 8958 8069.