We specialise in helping you re-mortgage
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COULD you save money by switching your home loan to a new lender? Could re-mortgaging help you raise cash for home improvements?
One in five borrowers pays more than they need to each month because they remain on a lenders Standard Variable Rate (SVR) rather than switching to a cheaper loan.
Interest on a Standard Variable Loan is usually about two per cent higher then the most competitive new deals on the market. This means a saving of almost £200 a month on a £1,000-a-month loan. But there are many other reasons for remortgaging, some of which are outlined below.
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REASONS FOR RE-MORTGAGING
Get a lower rate
You may be able to save hundreds of pounds each month by remortgaging with another lender. Our experts will examine your current mortgage arrangements and let you know if there is a better deal for you.
Choosing a more secure deal
If you are on a variable rate and interest rates rise, you may want to consider remortgaging to a fixed rate, keeping your repayments to a set level if interest rates go up.
Making home improvements
Many mortgage lenders offer special rates to homeowners who want to remortgage to make home improvements, and some allow you to borrow more than usual for this purpose. "Green" lenders may offer special discounted rates if you improve the energy efficiency of your home.
Flexibility
Flexible features, such as the ability to underpay, overpay and take payment holidays, can be very useful, especially if your income has gone up and you want to pay off your mortgage early, or you are taking a career break.
Consolidate debts
If you have a lot of credit card and personal loan debt, you could potentially reduce your monthly payments by consolidating your debts into your mortgage. The interest rate on a mortgage is often around 10% lower that the interest rate on a credit card. But adding these debts to your mortgage may cost you more over the longer term.
Finance a buy to let purchase
If you believe there is money to be made in property investment, you could increase the size of your current mortgage and use the extra cash to put down a deposit on a buy-to-let venture. But don't forget, becoming a landlord is complicated and there are risks involved.
Help your kids onto the property ladder
House prices in many parts of the UK have trebled over the past 10 years, leaving many young buyers struggling to purchase a home. By remortgaging, you can release equity from your home and help your family financially.
Raise capital
You may want to free up some cash to finance a one-off purchase, such as a car, or to buy a second home abroad. But remember with a mortgage you are putting your home at risk if you fail to meet the repayments, so don't overstretch yourself.
Get a better service
Nowadays, the mortgage market is very competitive. If your current lender isn't keeping you happy or the service is not what you require you may wish to move to another lender.
Become a mainstream borrower
If you were self-employed or had a bad credit history when you took out your current mortgage, you may have been put on a higher rate than a mainstream borrower. You could potentially get a better deal and a cheaper rate by remortgaging.
