Finding Remortgage Advice
Remortgaging your home simply means switching to a different mortgage deal. You may switch in order to find a better mortgage deal with a lower interest rate or to save money in the short term by finding a more affordable mortgage.
Finding the best mortgage rate to purchase property is a great start, but once you have purchased a mortgage it pays to keep an eye out for changing rates and deals. Not keeping up to date means you could miss out on the opportunity to remortgage and save money.
Your current mortgage lender will be able to offer you the latest rates and mortgage deals but remember to check the products available from other lenders too. Consulting a remortgage rate table is one way of easily comparing the latest rates but it may also be worthwhile seeking specialist mortgage advice from an impartial broker. A broker may not only be able to guide you through the remortgaging process but they may have access to exclusive remortgage deals not available directly through the high street lender.
Things To Consider When Remortgaging
Is it worth remortgaging? When purchasing a mortgage you will usually be put on your lenders initial special rate (e.g. a 2 year fixed rate) before switching to your lender's standard variable rate. Once this initial period is over it may be worthwhile considering remortgaging if another lender can offer a better rate. You may already have a great mortgage deal in place but unless you search the market and keep up to date with the mortgage deals available you will not know. Check your mortgage statements and consult a remortgaging table.
Check the small print. Your lender may require an administration fee, also known as an exit administration fee, if you chose to leave them or switch to another mortgage deal. Check whether your new mortgage rate is still financially worthwhile after administration fees have been paid.
How much equity do you have in your home? Or in other words, how much mortgage have you paid and how much of the house do you now own. Some mortgage lenders will require you to have a minimum equity in your property or a minimum deposit to lay down. Generally, the higher the equity in your property or larger the deposit, the more attractive a remortgage interest rate will be.
These are just a few of the details which need to be taken into account when remortgaging. Talking to a mortgage broker with access to mortgages across the whole market may help to find the best remortgaging rates. For impartial advice and guidance on remortgaging speak to a member of a mortgage advice team today.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
This no-fee, whole of market mortgage advice service is provided by London & Country Mortgages Ltd. Registered Address: Beazer House, Lower Bristol Road, Bath, BA2 3BA. Registered in England, number: 01988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Services Authority. Their FSA number is 143002.
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