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REMORTGAGE GUIDE
Speak to a trained advisor NOW!Telephone: 01424 851183 uk onlyOffice hours 9:00am - 6:00pm Mon - FriSat - Sun closedBank Holidays closed
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CAN YOU SWITCH?
You could save a lot of money by changing your mortgage - follow these steps to see if you might be able to switch and save.
Step 1 Dig out the details of your current mortgage.What type of deal do you have? If it is:a) Variable - you can remortgage to a better deal straight away online quoteb) Flexible - truly flexible mortgages allow you to leave when you want to with no penalty - but in many cases it will make sense to stick with a flexible mortgage,c) Variable with a cash back - you may have to repay the value of the cash back before you are allowed to switch mortgages,d) Variable with a discount, fixed rate or capped rate - you may have to pay a redemption penalty to switch deals,d) Variable with a discount, fixed rate or capped rate - you may have to pay a redemption penalty to switch deals,e) Base Rate Tracker - you should be able to remortgage to a different deal straightaway. |
Step 2Make a note of:a) Your current monthly repaymentsb) The monthly repayment cost of the new deal you have selected
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Step 3Work out how much it will cost you to remortgage.Write down how much the following will cost:a) Redemption penalties (if applicable)b) Arrangement fees (if applicable)c) Valuation feesd) Legal fees |
Weigh up your savings versus your costs. Bear in mind that some lenders offer specific remortgage packages where they pay for your legal and valuation fees, so all you need to do is compare monthly repayment costs (unless there are redemption penalties involved). Ideally, remortgaging should save you money straightaway, but if there are costs involved it may take a number of months to recoup your layout.
Free Mortgage Quote
Telephone:01424 851183 uk only
Office hours 9:00am - 6:00pm Mon - Fri
Sat - Sun closed
Bank Holidays closed
Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.