Like every bill you pay, it makes perfect sense to regularly check whether you have the right mortgage for you.

Of course, whereas changing your broadband provider might save you £10 or £15 a month, Dr Peter Backus, Senior Economics Lecturer at the University of Manchester, has estimated that 55% of homeowners could be wasting nearly £300 a month through not remortgaging!

So is remortgaging, or at least considering remortgaging, worthwhile? You betcha!

Most of us are now quite comfortable changing our mobile phone or broadband provider on a regular basis. We do it because most suppliers rely upon the lazy or busy consumer when putting together their price plans. A competitive initial deal might quickly turn into an unnecessarily expensive one after the initial period has expired. It’s the same with mortgages, which is why it’s always a good idea to take advice from an experienced mortgage adviser when searching for your next loan.

Speak to our remortgage specialists today.

There are a variety of things to consider when looking at your options. For example, how much equity do you have in your home? The more you have, the better chance you have to improve your LTV (Loan to Value) ratio and improve your ‘buying power’. It’s also important to consider what other penalties might be attached to the early repayment of your existing mortgage.

Most mortgages revert to a standard variable rate (SVR) once the initial special rate has finished, which in many cases might be uncompetitive. Before the end of this initial period, it’s not unusual to find that a mortgage lender will demand an ‘exit fee’ or ‘early redemption’ fee which can be considerable. This may make remortgaging early in a mortgage unviable, but it will depend on the facts in each case.

There is also the cost of remortgaging. Lenders may require a new valuation be undertaken and there will be some legal paperwork that will need to be dealt with too. And then there’s the perceived ‘hassle-factor’. This used to be a real issue but nowadays firms like Mortgage Required are here to streamline the process and make your experience pain-free!

Many borrowers will check their mortgage remains competitive every couple of years or so. Others will be prompted to remortgage in order to either extend or improve their home, release equity to fund another purchase or to consolidate debt or to simply reduce the amount of interest accrued over the term of the loan itself. Whatever your motive, it makes sense to be re-considering your options regularly.

We can help reassure you that you are not paying over the odds quickly and easily. Why not contact us for an initial chat on 01628 507477 or book a Free Call or Video appointment.

Related article:

Download our Free First Time Buyers Guide

Recent posts

Selling up? It’s important to make your house as appealing as possible to potential buyers. Good decorating can help with first impressions, and increase the perceived value of your property.

With the cost of living affecting so many of us, we have made a list of budget-friendly activities and ideas for you.

Moving soon? It's never too early to get organised! Be prepared and avoid unwanted stress by checking out our list of tips to get you ready for moving day.

Inflation simply put, is the increase in the price of something over time. The Office for National Statistics (ONS) tracks the prices of hundreds of everyday items and these items are updated to reflect shopping trends.

We are often asked if it's good advice to consolidate “unsecured” debt (credit cards and loans etc) into your mortgage, the answer is, sometimes

When you’re looking to buy a home, and you own a car, you ideally want to know the rules on parking in the area. Parking rules can be confusing, even for the most experienced of drivers! This is why we have written this blog to help you.

There are several potential sources you can consider when it comes to getting together a deposit to buy a property. Providing proof of the source of your deposit is a key requirement in the application process and will need to be given to both the lender and the solicitor.