You’ve probably seen it in the news.
Record low mortgages are unlikely to last for too much longer. And as we enter a period of great uncertainty around Brexit, NOW is apparently the time to re-mortgage with a fixed-term mortgage. This will guarantee you a great rate for a guaranteed period – giving you some certainty around your outgoings during a period of unknowns.
For many, this will absolutely be the perfect opportunity to secure a better mortgage rate; however, there are a few things to consider before diving in.
Whilst there could be great financial benefits to a re-mortgage, additional fees on your new deal and exit fees on your existing deal (where applicable) could counteract the money you could save. Make sure that you know what these fees are.
Firstly, you should check if you have an Early Repayment Charge on your current mortgage - it could be as much as thousands! Secondly, do your homework on your new mortgage. Most come with some fees, with some being higher than others.
And don’t forget the necessary and all-important valuation and legal fees.
Loyalty doesn’t always pay
An investigation by Money Mail* found that 6 out of 10 of the UK's largest lenders charge their own customers higher rates than those switching from another lender.
Therefore, being loyal and staying with your current mortgage provider may not be your best option. Make sure you shop around and don’t be afraid of switching to a new lender for a better deal.
Searching for a re-mortgage deal that meets your individual needs and which is financially beneficial is difficult, time consuming and complex. There are so many considerations to take into account and so, an independent mortgage advisor is usually best suited to help you through the process. A whole-of-market broker has access to lenders across the spectrum – from the large household names, to tiny lenders that you may not even have heard of. With no pressure to use a specific lender, you can relax whilst you are receiving the best, and unbiased, advice. Think of a broker as your own personal shopper!
Call Mortgage Search Go on 0844 69 333 60 or click here to contact us if you’d like to take the plunge!
Please be aware - your property may be repossessed if you do not keep up with repayments on your mortgage.
*source www.theweek.co.uk accessed 4th July 2017