Looking at remortgaging is something that a lot of people are doing now. They want to free themselves from a higher interest rate, or just free up some money that can be used to make repairs on the home.
One of the top recommendations that we can definitely make to you is that you want to get a great mortgage broker. A lot of people shy away from using brokers because they know that they’re going to be paying a commission. This is not something that you need to necessarily worry about. It’s the best way to get the type of deals that can really save you a lot of money. If you don’t go with them, then you’re going to run the risk of really not being able to get the type of deals that you’re really eligible for, and that would be a real shame, right? Absolutely!
You need to think about the costs involved with remortgages as well. This is not a free service. In fact, if you tell your mortgage lender that you’re considering a remortgage…don’t be surprised if they try to offer you one of their products. This is lost money to them, and they’re going to try to do anything that they can to put that money back in their pocket. They don’t want you to move your mortgage around. Don’t feel bad if you’re considering moving your mortgage, by the way — plenty of people do this every couple of years. Gone are the days where you got with a 25 year term mortgage and just didn’t think about it. Now is the time to figure out what deal is going to be the best for you.
Early redemption penalties come into play from the existing mortgage. You might not have any, but you never know until you look at your own contract. You also want to think about the legal and other administrative costs that might pop up. They can’t hide these charges from you, so all you really have to do is ask. You might also want to check the fine print carefully just to be sure that you’re not missing anything. If the broker gives you a deal and you find that your original mortgage lender is better, you’re under no obligation to go with what the broker wants you to do. You can always go to your old lender and check out their offer carefully. [Read more…] about Remortgaging Deals Aren’t Created Equal – Here’s What You need to Know