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It’s estimated that many people are paying too much for their mortgages and that’s why when it comes to getting a remortgage Wirral-based Dan The Mortgage Man is the expert you need to speak to.
How to obtain the best remortgage
Remortgaging your home can be a daunting prospect, so Dan The Mortgage Man is here to help you. With access to thousands of remortgage deals, our remortgage experts can find the right deal for you.
The vast majority of mortgages in the UK at the moment are fixed-rate mortgages where the interest rate goes up after a set amount of time. Remortgaging too soon can incur an Early Repayment Charge (ERC) from the lender, so timing when you should review your mortgage is important. Our CeMAP-qualified experts can help with that too!
When should I remortgage?
You can sign up for a new mortgage six months before the end of your existing fixed rate. Although the remortgage wouldn’t start for six months, it can be agreed by the new lender that far ahead with a start date immediately after the existing Early Repayment Charge finishes.
For this reason you should aim to speak to your local remortgage expert six months before your rate finishes.
If you’re not sure when your current mortgage rate finishes, it can be found on your annual mortgage statement.
Before you even begin looking at properties, we can work together to establish how much you can comfortably afford to spend each month with the wage you are on. We will then be able to confirm a realistic budget by deducting your typical monthly outgoings from your monthly income, which would then allow us to calculate how much you can afford to spend.
What is a remortgage?
A remortgage is simply when you borrow money from one lender to pay off a mortgage from your existing lender.
This is often done because it can be an effective way of saving money. With one in four people estimated to be paying too much for their mortgage, a remortgage is becoming more and more popular. There are more reasons than ever as to why you should remortgage.
Dan The Mortgage man can look at your remortgage needs and tell you if it is worth remortgaging. Even if a lender offers you a lower rate, our team will check to see if changing your mortgage is still worthwhile when taking into account the following:
- The new lender may charge you fees for a valuation and using solicitors, even if you have already paid these with the mortgage you hold with your current lender.
- If you are thinking of debt consolidation, will remortgaging increase the amount payable on these debts by spreading them over a longer period of time.
- Do you need to pay an early repayment charge to your existing lender if you remortgage.
Contact Dan The Mortgage Man
Wirral Office: 0151 342 0250
Mobile: 07715 417 602