- How do SoSmart Money make their money?
- Which products can I compare with SoSmart Money?
- Who are SoSmart Money?
- Will I be contacted by other companies?
Top 3 Tips for Remortgaging
Switching your lender for significant savings!
Tip #1: Check out your current deal...
Work out exactly where you stand with your existing mortgage. Your latest statement should show the balance and the current interest rate. Also check whether there is a standard exit fee (there usually is), and if you were on a promotional rate or started your mortgage fairly recently, are there any early repayment charges?
Tip #2: Forget APRs-work in real money...
In order to work out the real benefit of remortgaging, calculate exactly how much interest your current deal racks up in a year. Do the same with any promotional rates you are offered. Then you can truly compare like with like.
For example: on a £100,000 mortgage balance, a saving of 2% interest could be worth up to £2,000 a year, depending on how often your interest is recalculated. Then you need to figure out how long this advantage might last for, and offset this against the other costs of switching mortgage.
Tip #3: Don't forget to add up all the fees!
As well as Mortgage Exit Administration Fees or Early Repayment Charges from your current lender (see point 1), you will need to take into account legal (conveyancing) fees, along with arrangement and valuation fees for the new mortgage.
Many remortgages offer these services as "free"-though in practice this just means "inclusive", as it will be absorbed into the interest charges which therefore might not be as low as they could be.
Finding the Best Remortgage Deals
With these tips in mind, you're ready to do the sums and get remortgaging. However, with hundreds of possible deals and many varieties of charges, conditions and other small print, it can be such hard work to do all the comparisons yourself!
A mortgage adviser finds you the most competitive deals that you qualify for, and they will explain to you whether they cover a representative panel or a whole-of-market range. You remain in control of the whole process-in other words, there's no obligation, so if you change your mind or find a different offer yourself, feel free to take it!
Advisers often have access to special deals not available on the high street or internet, so they usually do come up with the best deal. (The 'FSA-authorised' bit means that your adviser is obliged to explain how they are going to work in your best interests).
Click here for our Remortgage Advice call back service.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Speak to an adviser
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.
01244 264 866
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."
Winner of AI Finance awards 2015 for:
Best personal finance comparison site &
Best online price comparison platform
