Top 3 Tips for Remortgaging

Switching your lender for significant savings!

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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).

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