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Remortgaging
There is such a varied choice of mortgages available, it is becoming increasingly difficult to know whether you have the best mortgage for your new home.
Often as time passes (or simply that your knowledge increases) you will find better mortgages are available for your particular circumstances.
First, it is important to pick a mortgage that offers flexibility in terms of the tie-in period; second, don't be frightened or get held up by inertia when it could be time to change. The process of changing a mortgage is known as remortgaging.
A representative from Moneywise magazine says that even if a mortgage provider's offer only has a marginally better interest rate, "when you're borrowing thousands (if not hundreds of thousands) of pounds, all those teeny tiny percentage points make a huge difference to the cost of your monthly repayments.
A Norwich & Peterborough Building Society representative also points out that many providers leave their older, possibly more inert customers on higher rates while attracting newer, more nimble customers on low borrowing rates.
The Remortgaging Process
Whilst you should definitely consider remortgaging, you might also bear in mind that there may be a number of costs associated with the property move.
To begin with, your existing property deal may have tie-ins such as ERCs (Early Redemption Charges) which apply if you want to remortgage before a certain amount of time has run on the existing deal.
Mortgage providers have long realized that a number of people change their mortgages frequently, and therefore certain lenders do deter these 'rate tarts'(their words not ours!) by pairing their best-rate deals with punitive redemption charges.
During the remortgaging process, having completed all documentation for your new home your new mortgage lender may well carry out a new valuation of your property which may mean adding in additional costs in your planning.
Or if you're ready for a remortgage quote, use our remortgage advice enquiry form get a free call back with a remortgage adviser.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.
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How can we help you?
So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.
Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.
"Matthew at So Smart found me the best deal for my first Mortgage, he was extremely helpful! I would highly recommend this company!"
"I've been looking to switch mortgages recently to secure a better rate and the guys at So Smart Money helped me do just that."
"My mortgage enquiry was dealt with swiftly and professionally. I would highly recommend So Smart Money to others."
"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."
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