The mortgage market is changing all the time, so it pays to review your mortgage regularly to make sure it still meets your needs and you’re getting the best deal available.
Unlike your current lender, or a comparison site, our mortgage advisers can search all the deals available, even those not advertised to the general public.
We can also provide you with valuable advice on the pros and cons of each option, with personalised illustrations so you can easily compare how much each mortgage would cost you overall.
There are several reasons why it may be a good idea to remortgage. The most obvious one is to save money. Chances are that your mortgage payment is the single biggest expense you have every month, so a better mortgage deal could mean a big saving.
Another reason to remortgage might be if your current mortgage no longer fits your needs. A typical example of this is where your mortgage penalises you for overpaying, or doesn’t allow overpayments at all. That means if you have an increase in salary or come into some money, you may not be able to pay extra towards your mortgage to reduce the term and the total interest you would pay. Remortgaging to a more flexible product would allow you to do this.
If, like approximately one million people in the UK, you have an interest only mortgage and it looks like you might not be able to pay back all the capital at the end of the term, then it may be worth remortgaging to a capital repayment mortgage, to ensure the whole debt is paid off.
If you have other outstanding debts, you may be considering remortgaging to consolidate these into your monthly mortgage payment. This is not something to be taken lightly though. A mortgage is secured against your property, so it’s vital to ensure that you can afford the new payment or you risk losing your home. There may be other options for repaying your debts which do not involve securing a loan against your home.
Remortgaging isn’t for everyone – it depends on your personal circumstances at the time. As well as any potential saving on interest payments, you also have to consider the short-term and long-term costs of a new mortgage deal. The new deal may have high set-up fees or perhaps your current deal has large exit fees. You will also have to pay for your property to be revalued. We can advise you whether this is the right time to remortgage or if you should plan for this in the future.
Impartial advice is essential to ensure that you consider all your options and pick the best mortgage for your circumstances. For expert advice, call our mortgage advisers on 0141 227 7788 or fill out the form below.
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Brought to you by Peter Dean
MA CA FCMI FABRP MCIArb MIPA
Peter Dean has helped thousands of people with quality money advice, through his well-known company Your Debt Expert. Peter is now helping even more people by offering quality whole-of-market mortgage advice.