Remortgaging
In recent years remortgaging has become a very popular way to reduce monthly mortgage repayments and thereby save money. When you remortgage all you are doing is transfering your loan with one lender to another which will hopefully allow you to pay off your mortgage sooner than you might have imagined.
Finding the best remortgage deal isn’t just a matter of finding what appears to be the cheapest interest rate on the market and deciding on that. Mortgage lenders sometimes promote their products by offering low interest rates to catch your eye, but you may be in for a nasty surprise. For example, you may find that once the initial rate expires after two or three years, it rises to a much higher rate and ties you in with hefty early repayment charges.
And there is another reason not to just go for the cheapest interest rate when remortgaging: it’s important to ensure that your mortgage is tailor made to suit your personal circumstances. Relying on the best buy tables in the media can lead to a very costly mistake, so it’s best to get an independent mortgage broker to find you the best deal.
An independent mortgage broker will take the stress out of looking for the best remortgage deal by searching the whole market to find you the best mortgage rates that suit your needs.
The UK remortgage market is very competitive and there are some attractive remortgage deals available - often with free legals and valuations.
Once you have found the right mortgage, it doesn’t stop there. The secret with mortgages is to remain flexible. The best remortgage deal today will probably not be the best remortgage deal in a few years time. At the end of the initial rate period, your mortgage will revert to the lender's standard variable rate (SVR), which may not be cost effective. Therefore, it is important to review your mortgage regularly to ensure you are getting value for money.
At Mortgage Beaters, we contact you before your current mortgage expires so that we can find you another competitive rate before reverting to the lender’s standard variable rate. That way, we can find you the best remortgage deal for the lifetime of your mortgage