Re-mortgaging can save you a great deal of money. Often your original mortgage deal was competitive when the loan was originally entered into and mortgage rates and deals have changed since then.
Swapping your mortgage to another supplier could significantly reduce your monthly outgoings.
If you are considering improving or extending your home then one of the most cost-effective ways of funding extensions and improvements is by re-mortgaging and releasing some of your equity in the house.
Mortgage products vary significantly and there is bound to be a product that matches your requirements. The array of mortgages available these days include:
- Discounted rates
- Capped rates
- Fixed rates
- Cash back
- Flexible reserve
This list names a few of the products available from most High Street lenders.
Our advice is to speak to an independent broker who can advise on the best product to suit your requirements.
An efficient broker will have the current mortgages listed on computer and can advise which would suit you and also advise if there are long tie-in penalty clauses that you need to be aware of.
Before you re-mortgage it is worth finding out if there is a penalty period with your existing lender and, if so, the cost of early repayment. It is possible that you could make a significant saving even after having repaid the previous lender’s penalty.
REMEMBER – YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.