16% have never switched their mortgage product
According to latest research from YouGov, 2.5 million of all those with a mortgage have never changed their mortgage product. Further research from HSBC has also found that more than 1.9 million people feel “overwhelmed” by the process of getting a mortgage, with 6% of mortgage holders saying getting a mortgage was the most stressful experience of their life.
This was reported on the Mortgage Introducer website in June*.
How Your Mortgage Expert can help
Adam Nanson, Managing Director at Your Mortgage Expert comments:
“By remortgaging, or switching your mortgage to another provider, you could save money. If your fixed deal has come (or is coming) to an end or if you are on the standard variable rate it is always worth investigating what deals are on the market and whether a different mortgage provider or a different type of mortgage would be more appropriate for you.
“It might be that your current lender still has the most suitable deal for you. But, with interest rates remaining low and with the lenders fighting for your business, it is always worth checking the market to see whether you could save money.”
How Your Mortgage Expert can help
Adam continues:
“However, the research from HSBC seems to show that people are put off from switching providers due to the stress of the application process. And, this is where an independent mortgage broker like Your Mortgage Expert can help. The process of applying for a mortgage can be quite complicated, especially since the Mortgage Market Review. A mortgage broker is an expert in their field and can help you navigate some of the pitfalls.
“Our aim is to save you time, money and stress. We can research the market for you to find all the current deals and can make the most appropriate recommendation for you based on your circumstances. We understand how the remortgaging process works, and we will explain every step of the process to you to ensure you feel informed and in control. We will also let you know what fees you will need to pay or if you need to pay an early repayment charge to your existing lender.
“Added to this, some of the deals we have access to may only be available through independent advisers like us. So whether you’re looking to fix your rate for two years, five years or something more flexible, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.”
To speak to Adam Nanson about remortgaging your property, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
Your Mortgage Expert does not charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
*Source: http://www.mortgageintroducer.com/one-six-never-changed-mortgage-product
Tags: Remortgages