Arranging a re-mortgage isn’t nearly as much hassle as most people think.
For most people your mortgage is your single biggest expenditure, therefore cutting its cost is likely to be your biggest single money saver – It’s a no brainer!
In today’s competitive market, many borrowers choose to switch their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant margin in some cases.
Our introductory period is ending and our payments are going to go up, that’s ok though everything goes up right?
Wrong…. Your mortgage doesn’t have to get more expensive, even if the new deal offered by your lender seems attractive – why not speak to us. With access to the whole of the market, there may well be a more competitive rate out there for you.
A small monthly saving, may not seem worth the trouble but when you add it up over a 2, 3 or 5 year period it can make a big difference to your lifestyle.
In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may want to consider taking this step for a number of reasons, such as:
- To Save Money
- To Raise Money
- To consolidate your debts (You’ve got other debts elsewhere which charge much higher interest rates and you want to wrap all your debts into one)
By adding debt to your mortgage you are spreading it over the full mortgage term which although may reduce your monthly outgoings, may result in you paying a larger total sum. The debt will be secured against your property which means that your home is at risk of repossession should you fail to keep up repayments on your mortgage.