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Many people are paying too much for their mortgages which is why if you’re thinking of getting repayment with a remortgage Bebington-based Dan The Mortgage Man is your local qualified mortgage broker.
How to obtain the best remortgage
Remortgaging your home can be stressful, but never fear: Dan The Mortgage Man is here to handle the stressful side for you. With access to thousands of remortgage deals, our remortgage experts are well-placed to find a mortgage that is right for you.
In the UK, lots of mortgages are on fixed-rates, meaning that after a period of time with stable payments, the interest rate goes up causing your payments to rise. However, if you remortgage too soon it’s easy to incur an Early Repayment Charge (ERC) which is basically a fee from the lender. Timing your mortgage review is therefore important. Our CeMAP-qualified experts can help with that too!
When should I remortgage?
We always suggest looking at your mortgage about six months before your existing rate is due to end. This is commonly known as the Product End Date. Reviewing it this early means that you can lock a new rate in six months before it’s due to change which in turn means that if rates rise in the meantime, you are protected with a cheaper rate. However, if rates fall you can change your plans and opt for a cheaper rate elsewhere.
In other words, you should review your remortgage early as it is a win-win for you!
Although it would then take up to six months for the remortgage to start, the new lender will be able to agree it that far in advance with a view to officially starting the new mortgage as soon as the Early Repayment Charge period on the existing mortgage finishes.
For this reason, you should aim to speak to your local remortgage expert six months before your rate finishes.
Your original mortgage offer or annual mortgage statement will show the date that your current mortgage rate finishes.
What is a remortgage?
A remortgage normally done when you want to raise more money by using the equity in your house, or you want to stop your interest rate and repayments from going up. Put simply. it is when you changed lenders by borrowing money from a new lender to pay off a mortgage from your existing lender.
A quarter of mortgage customers are said to be paying more for their mortgage than they should be. Getting a remortgage is becoming more popular than ever. There are more reasons than ever as to why you should remortgage.
Dan The Mortgage man can speak to you about your requirements and offer advice on whether it is worth remortgaging. Even if a lender offers you a lower rate, our team will check to ensure that amending your mortgage is still worthwhile after looking at the following:
- The new lender may charge you valuation and conveyancing fees, even if you paid these when you took your current mortgage.
- When considering paying off credit cards and loans through debt consolidation, will remortgaging increase the total amount that you would pay on these debts? This is especially important when considering that you may be spreading the costs of the debts over a longer period of time.
- Is an early repayment charge payable to your existing lender if you remortgage.
If you’re thinking of remortgaging Bebington properties or anywhere across Merseyside, contact our mortgage specialists now!
Contact Dan The Mortgage Man
Wirral Office: 0151 342 0250
Mobile: 07715 417 602