Remortgaging simply means switching your existing mortgage to a new deal, often to a new mortgage lender. The lender's standard variable rate SVR) is not always the most cost effective solution. Unless you have just come out of a special deal (such as a fixed rate, tracker rate or a discounted rate), there is nothing to stop you switching off the SVR to a lower rate or a more suitable deal. And even if you have just come out of a special deal and are obliged to pay a penalty to switch to a new one, the figures may well add up in your favour.
Can you switch?
You could save a lot of money by changing your mortgage and lender - follow these steps to see if you might be able to switch and save.
Step 1
Dig out the details of your current mortgage. What type of deal do you have? If it is:
a) Variable - you can remortgage to a better deal straight away (unless in extended tie-in)
b) Flexible - truly flexible mortgages allow you to leave when you want to with no early repayment charges
c) Variable with a cashback - you may have to repay the value of the cashback before you are allowed to switch mortgages
d) Variable with a discount, fixed rate or capped rate - you may have to pay an early repayment charge to switch deals
e) Base Rate Tracker - you should be able to remortgage to a different deal straightaway
Get in touch with your lender and ask them how much your early repayment is if applicable). Make a note of what it will cost to move your mortgage.
Always double check with your current lender what early repayment charges apply (eg. Extended tie-ins).
Step 2
Make a note of:
Your current monthly repayments
Step 3
Call Mortgage Saints to prepare a quotation for you.
Ideally, remortgaging should save you money straightaway, but if there are costs involved it may take a couple of months to recover those expenses.
Are you getting the best deal on your mortgage? How long has it been since you reviewed your options? By switching your mortgage you could be saving money each month, lowering your monthly payments and even releasing some of the equity that's in your home. This could be spent on home improvements, a holiday or a new car.
We are not restricted by the number or type of mortgage company's we can recommend. As a whole of market mortgage broker we work hard to find the best mortgage scheme available from the whole mortgage market.
We are able to arrange mortgage with all lenders who accept business from mortgage Brokers.
To apply for a remortgage simply complete the brief enquiry form and our adviser will contact you as soon as possible to discuss your individual needs. Alternatively you can contact us on 07738 584 5145 to speak to the adviser.
Mortgage Saints Ltd is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Services Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage
