Remortgaging Advice – What To Look For
If your current fixed-rate mortgage deal ends within the next 6 months, then you should be starting to look for a new deal. Especially if you think interest rates might go up between now and the end of your product. Here, we provide some simple remortgaging advice.
At one time, remortgage offers only lasted for 3 months. However, it’s not unusual for lenders to hold offers open for 6 months so you can lock in a deal further in advance. By locking in a deal in advance, it keeps the time you automatically switch to the standard variable rate to a minimum. If you are really organised, it is possible you might spend less than 24 hours on the standard variable rate when the time comes.
When you look to move, it’s not uncommon for your current lender to offer you a deal to remain with them. Annoyingly though, brand new customers tend to get the best deals, not loyal customers.
This is because lenders know moving away to a different provider can be a lot of hassle. Therefore, they try and capitalise on this by offering an average product but with a very slick service. Don’t be caught out!
When it comes to comparing deals, then a good Broker will recommend you stay where you are if the savings are minimal or non-existent. Therefore, it’s always worth looking at what’s available. And, if you don’t shop around, you will never know. Lenders LOVE the people who don’t shop around because they are most probably paying back more each month than they need to be.
In the future, technology will most likely make the process of switching lenders much quicker. In the meantime, in return for spending a little bit of time on the phone with a Mortgage Advisor and sending over a few documents, you really can save yourself a lot of money.
If you’re seeking further remortgaging advice, make sure to get in touch.
We are experts in our field and are pleased to help with all Mortgage situations including: