Remortgage
Switching to a cheaper deal is one of the easiest ways that homeowners can save money.
As well as reducing your monthly payments, you can also use remortgaging as a way of releasing some of the equity that has built up in your property’s value.
It is becoming increasingly difficult in today’s mortgage marketplace for homebuyers to choose the right mortgage due to the vast range of mortgages available.
More often than not is that when you pick your first mortgage you will have a more limited choice e.g due to you requiring a 100% mortgage. However this does not mean that you should carry on with the same mortgage provider after the term you are tied in to expires. There are hundreds of different mortgage providers available to carry on your mortgage with; this process is known as remortgage or remortgaging.
There are many people out there who feel a sense of inertia about changing their mortgage provider, often due to the perceived hassle or lack of time. This is one of the reasons mortgage providers entice you with attractive initial offers such as a free cash amount, or add ons and then try to keep you longer on this (relative to the market) poor rate.
Many financial experts have made reference to the benefits of a remortgage to the consumer.
Moneywise magazine, Emma-Lou Montgomery, says that even if a mortgage provider’s offer only has a marginally better interest rate: “When you’re borrowing thousands, if not hundreds of thousands of pounds, all those teeny tiny percentage points make a huge difference to the cost of your monthly repayments.”
Product manager at the Norwich and Peterborough Building Society, Mr Richard Barker, also points out that many providers leave their older, more “inert” customers on higher rates while attracting new customers on low borrowing rates.
Hopefully from the above you can see that you should bother to change your mortgage (or at least look at the rates and companies available) as there are better deals out there.
We can introduce you to a UK Remortgage specialist to get the right deal:
Remortgaging could save you money or help you pay off you mortgage more quickly, talk to one of our advisor today and see if they can help.
Latest News on Remortgage:
Remortgages will be popular in September say Abbey. Abbey Mortgages expects a busy September as people return from their summer holidays and think about a mortgage a renewal.
Abbey believes that nearly 90,000 people here in the UK will want to renew their mortgage, each one spending an average of £516.40 on their new policy.
“Remortgaging might be a time-consuming process, but it’s worth investing the time and effort so that you don’t have to invest too much of your hard earned cash when your current mortgage deal comes to an end” said Nici Audhlam-Gardiner, the head of Abbey mortgages.
Abbey offers free valuations and legal fees to their customers if they are remortgaging, while some of its products come without a booking fee.
Only last week, Abbey unveiled two new 2 year tracker mortgages and aalso cut rates and fees on some of their existing mortgages.
Still looking to remortgage?
