Posted on 13th September 2017 at 15:24
DON’T PAY TOO MUCH FOR YOUR MORTGAGE!
Re-mortgaging could save you money or provide you with stable monthly payments through the coming years of Brexit uncertainty.
Why re-mortgage now?
Lenders are competing furiously for your mortgages and that competition has driven mortgage rates lower than ever before.
At the same time, borrowers are increasingly worried that higher mortgage rates are on the horizon.
There is a number of valid reasons why you may wish to switch to a new mortgage product, including:
• To save money
• To switch to a low fixed rate deal to be sure of your monthly outgoings in coming years
• To release equity in your home in order to improve it or to consolidate other expensive debts
Re-mortgage with your existing lender or switch to a new lender?
• Re-mortgaging with existing lenders is usually easier - less paperwork, quicker and they may offer incentives to stay with them
• For a little more time and effort, switching to a new lender may prove a better option, as lenders need new customers from their competitors: they want your mortgage business
Use an Independent Mortgage Adviser
It is advisable to seek help from an independent mortgage adviser when choosing a mortgage:
• An independent mortgage adviser has a duty of care to you and must recommend a suitable mortgage product from the whole of the market. If you go directly to a lender, you will only receive advice in respect of its range of products - you may not get the most suitable deal available to you.
• Mortgage brokers have to be qualified to give you mortgage advice and an independent mortgage broker will find the best mortgage for you: unbiased advice covering the whole gamut of lenders and mortgage products.
• A good independent mortgage adviser will deal with lenders on a day-to-day basis and will know each lender’s application process and how they assess customers’ affordability of borrowings.
• If, in the unlikely event, that independent advice later proves to be unsuitable, you will have the option to complain and if your complaint is upheld you could receive suitable compensation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Contact Nigel Osgood
Tel: 01628 594433
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