Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Many mortgage deals come with a discounted interest rate for the first few years and while these rates have served them well for two to five years borrowers are finding that their existing deal is coming to an end. Sticking with the current lender could be a good option if the lender’s SVR (Standard Variable Rate) is reasonable but the chances are, your monthly repayments will increase once your existing deal comes to an end. If you’re willing to take the time and get the right advice in getting a better rate, remortgaging could save you a significant amount of money.
Borrowers don’t just remortgage when their existing deal ends. In today’s competitive market many borrowers look to switch their mortgage to take advantage of the new rates on offer. By remaining on the same deal for the full term of their loan, many borrowers could find that they lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant amount.
Remortgaging allows borrowers to switch their current mortgage to a new, more attractive deal with either the existing or new lender. Homeowners may want to consider taking this step for a number of reasons, including:
If you are thinking about remortgaging your existing home, there are a number of important factors that must be taken into consideration to ensure it is the right time to switch mortgages and the best decision for you and your family in the long run.
A simple process?
Remortgaging is often a simpler process than buying a new home because the deeds of the property are already registered in your name. That said, there is still some work to be done when switching lenders including finding the most suitable deal available and working out if it’s going to be more cost effective in the longer term. There are several considerations we will look at carefully to ensure you get the most suitable mortgage deal including:
However complex your needs, at Derngate Wealth Management we remortgage broker who can help make the remortgage process as simple as possible, however complex your needs. Contact us today to find out what your options are.
Gary Fowkes comes with over 12 years of mortgage advice and protection experience, meaning you will be in good hands throughout the entire process and get the tailored advice you need, when you need it, from an expert.
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