The importance of remortgaging

Over half of UK homeowners overspend by thousands of pounds on their mortgage by not remortgaging. It’s important to stay on top of your mortgage situation and stay alert for better rates. Most of us stay on top of our mobile phone contracts, car insurance and utility services – we should do the same for our mortgages.

Reasons To Re-Mortgage

There are plenty of reasons to re-mortgage, do you fall into any of these categories?

  1. You want to save money – who doesn’t?

Going on to the standard-variable-rate at the end of your fixed term is more than likely not be the best mortgage rate available to you. Don’t just accept the rate offered from your current lender, make sure you shop around, as there may be better deals available to you. By contacting one of a mortgage adviser 3-4 months before your current mortgage expires, they can ensure you are always on the rate that’s right for you.

  1. You want to borrow more

If there has been an increase in your income and/or an increase in your properties value, you may be able to increase the value of your mortgage amount. This can be beneficial for any major financial outlays such as weddings or your children’s university fees, especially as it can be cheaper than borrowing from other sources.

  1. You want to consolidate debt

Remortgaging can enable you to consolidate other debts such as credit cards and loans, which typically have a higher interest rate than a mortgage. However, it could mean that you pay more interest over your mortgage period, so should be carefully discussed with an experience mortgage adviser.

  1. You want more flexibility

Maybe you have inherited some money or had a pay rise and want to pay extra off your mortgage, but your current deal limits your over-payments. Remortgaging will allow you to reduce the size of your loan and possibly get a better interest rate.

  1. Your current deal is about to end

Even if none of the above situations particularly relate to you, when your current mortgage comes to an end, you will be put on your lender’s standard variable rate, which is likely to be higher than both your previous rate and current deals available. We recommend contacting a mortgage adviser 3-4 months before your deals ends to get ready to re-mortgage on to a better rate.

How We Can Help with Remortgaging

Re-mortgaging is every bit as important as selecting your first mortgage. We know choice is important, so we have access to over 50 of the UK’s best known lenders offering thousands of mortgages, and some exclusive deals that you won’t find anywhere else. But we also know that choice requires guidance and advice. We spend time getting to know you and your specific circumstances.

Most importantly, we’ll support you throughout the purchase process. That way, you can be sure someone is there to guide you every step of the way. With rates at a record low, there may never be a better time to remortgage.

Contact us today.


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