FAQs - Should I re-mortgage?
Of course, you may be perfectly happy with your current mortgage. But there are a number of reasons why you might want to consider shopping around for a better deal - and not just to save money.
If you're ready to think about remortgaging, our expert and independent financial advisers can guide you through the hundreds of mortgages available, helping you find the one best suited to your needs with an absolute minimum of stress and hassle.
Let's look briefly at the most frequently asked questions regarding remortgaging:
Can I get a better deal?
It does depend upon your current mortgage, but yes there's a very good chance switching to a different mortgage could save you money - reducing not just your monthly payments, but also potentially the overall amount you need to pay back.
Your current lenders' mortgage choices might be what you need, however; we would absolutely advise you to speak to an independent mortgage advisor like ours. Choose one that is totally independent, as this means the whole of the market can be searched to find the mortgage offering the best deal for you.
Should I fix my outgoings, protect against rate rises?
Interest rates may rise or fall - and if you're worried that rising rates could cause you problems in the short to medium term, the answer must be yes, consider a switch to a fixed-rate deal. You'll know exactly how much you'll have to pay for an agreed period - usually, two, three or five years. This means you'll enjoy the peace of mind that comes with being able to plan your monthly budgets with real certainty.
What about releasing equity?
If you have built up equity in your home over the years, remortgaging can certainly provide funds to make home improvements, cover the cost of other major projects, or pay off other more expensive debts. Our advisors often help homeowners with this decision, while the freed funds can be very beneficial it's important the correct new mortgage is established to ensure ongoing best value and savings for years to come.
What else do I need to consider?
There could be costs, reading of the small print will be required, or of course, a good financial advisor will alert you to all of the potentials. They can include booking or completion fees charged by a new lender, conveyancing costs, property valuation costs, early repayment charges (ERC) or exit fees charged by your current lender. Be sure to get these confirmed before making your final decision.
We hope this has helped and of course, if you would like more information from said 'independent financial advisors' then we will be happy to help. For free, expert, independent advice click here
Wed 23 Mar 2022