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

The Equity Release Council has revealed that three in five UK homeowners are interested in releasing money from their property later in life.

The average seller’s asking price dropped by 0.4% in July, a bigger drop than we have typically seen. 

We explore the differences between Millennials and Gen Z and what both generations ideally want from a new home.

Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.

Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy

Does the time of year make a difference in house purchases? The answer is, yes and no.

The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances. 

If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.