Great Remortgage Deals
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Why Change Your Mortgage?
• It will reduce your monthly repayments and secure you a cheaper mortgage
• It releases some of the built up value in your home to spend on other things such as debts or home improvements
• It reduces monthly repayments and extends the term on your loan, which means it will take longer to pay off the loan
• It reduces the term of the mortgage. If you find a cheaper deal and keep your repayments the same as they were before, you will be mortgage-free faster.
>How To Remortgage: Explained In 4 Easy Steps
If your original mortgage required no deposit, there might not be enough equity to remortgage. In this case, you would have to stick with what you have. If you can switch, there are some steps you should follow.
1. Paperwork – You should plan to change mortgage about six months before your existing deal ends. Gather up your bank statements to see what you are currently paying for your mortgage. If your mortgage is a variable rate or tracker, it’s probably gone down a bit. If so, you need to see how much you were paying before the rates fell so you know what you can afford every month.
2. Cost of Move – Check all the small print to see if there are early redemption charges which makes the switch too costly. Make sure you take note of the exit fee the lender charges for closing the mortgage. Call the lender to get a payoff quote on what you owe plus any additional charges. Check that the exit fee they quote you matches the one in the original lending agreement. The lender is not allowed to up the fee once you have signed off on the loan.
3. Check Loan Restrictions – Don’t assume that the early redemption charge ends when the fixed or discounted rate ends. Some loans contain overhanging tie-ins. You might find that you have to pay the lender’s SVR for a period of time after the first deal ends. If the interest rate is low, this is not a bad thing because some SVRs are even lower than the fixed rate mortgage, but if the rates rise, lenders tend to raise their SVR, so being stuck on that rate would be expensive overall.
4. Finding a deal – Decide if you want a fixed rate, variable rate or tracker, and track down a deal. If you are not sure what is the best option for your situation, it's best to seek qualified advice from a professional. Talk to an independent broker, and compare against the best-buy tables in the newspapers to find the best deal.
Once you find out how much the total switching will cost, you can decide if it is worth it for you.