5 top tips for remortgaging your property
According to the MoneyFacts website*, 2016 was the best year for remortgaging since 2009. The figures show that the total value of remortgage lending reached £65.7 billion in 2016, an increase of £11.5 billion (or 21%) from 2015.
So, with the figures showing that so many people are choosing to remortgage, Adam Nanson from Your Mortgage Expert thought he would share with you his top five tips for remortgaging. These will help ensure you save time, money and stress.
1. Don’t Remortgage with your existing lender without researching the market
To save time, you may be tempted to accept a new deal from your existing lender. However, the mortgage market is incredibly competitive and it could be that you find a more suitable deal for you by searching through a wider selection of lenders.
2. Do take advice on the best option for you
While you can research the market yourself; by taking advice from a mortgage broker like Your Mortgage Expert, you can save yourself time and money. They will research the whole of the market to find the most suitable deal, some of which are only available through mortgage brokers and not on the high street.
3. Don’t ignore the fees involved with remortgaging
When remortgaging your property, there could be a number of fees involved. So don’t just look at the rate, really you should look at the overall cost of the mortgage. Fees you should keep an eye out for are Early Repayment Charges, Exit Fees, Legal Fees and Valuation Fees. A decent mortgage broker will explain all of these options to you.
4. Don’t leave it too late
If you’re on a fixed term mortgage arrangement, it’s important that you secure a new mortgage deal before your existing one comes to an end. Otherwise, your current lender could move you to the standard variable rate which could cost you money. Ideally, you should start considering your remortgage options 3-6 months before your deal comes to an end. If you secured your original mortgage through a mortgage broker, they should contact you to remind you with plenty of time to spare.
5. Do consider whether any of your finance or lifestyle factors have change
When you remortgage, it’s vital that you consider whether any of your personal circumstances have changed since you last secured a mortgage. For example, has the amount you get paid each month changed? Have you had a child? Have you paid off a loan? Taking all of this into consideration will help ensure you can afford to keep up with your future monthly mortgage payments or potentially pay it off more quickly if your finances allow.
Whatever you are looking for from your remortgage, whether you’re looking for 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 a member of the mortgage advice team about your next mortgage, ring us now on 01722 322683 or complete a contact us form and let them know when we can call you back.
We don’t 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.
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.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. 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.