Make hay while the sun shines! The benefits of re-mortgaging
19th April 2017
Interest rates have remained at historical lows for some time now but there are signs this could be about to change.
With a range of excellent deals on the market at the moment, now is a great time to review your mortgage options before any interest rate increases.
Whether you are on a lender’s standard variable rate, reaching the end of your current fixed rate deal or have some time left on your agreement, you could save money by switching your mortgage - even if you have to pay an exit fee and early repayment charges. For example, we saved one of our clients £2000 over the 2-year fixed term of their new mortgage, despite having to pay substantial penalties for coming out of their current deal.
Re-mortgaging can offer a number of potential benefits, depending on the deal you choose. These include:
- reducing your monthly repayments
- shortening the length of the loan
- gaining more security
- releasing equity in your property
It’s easier than you might think to switch mortgages, if you know what to look out for. It’s important to take into consideration any existing arrangements and compare these with any impacts of changing to a different lender. Your individual circumstances and priorities are central to getting the right deal, so you may not get a full picture by looking on price comparison websites. This is particularly true if you are self-employed, have recently changed jobs or have more than one mortgage in place. In these cases, lenders may offer more restrictive lending terms or require detailed financial information. However, these are exactly the sort of challenges we help clients overcome on a daily basis. Knowing the market and each lender’s criteria means we can quickly identify the best solutions available whatever your circumstances.
To find out more about your mortgage options, including exploring the latest deals, please get in touch.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE