If you have been on the same mortgage rate since you first bought your mortgage, it may be time for you to look at cleaning your finances and having a remortgage review. Doing so could mean that you have access to a much more appropriate mortgage deal.
Simply explained a remortgage review is the process of looking at your current mortgage deal, making sure there have been no changes in circumstances and perhaps seeing if you are able to get a better mortgage deal or not.
When you make an enquiry about taking out a remortgage in Scunthorpe, your expert and dedicated mortgage advisor in Scunthorpe will want to know all about the deal you currently have, so that you can compare the different products available to you.
They will analyse your current rate of interest, all your monthly payments and your current financial and personal circumstances, to work this out. If your dedicated mortgage advisor in Scunthorpe is not able to find you a better mortgage deal, they will be transparent and say so.
If you have been keeping up-to-date with all of your mortgage payments and have been working on building up your credit score to ensure it is in a good standing, it is entirely likely that you will be able to remortgage for a better deal.
Going through the process of a remortgage review, then switching your mortgage deal onto a new one with a new mortgage lender, is called remortgaging. You can do the same thing, but stay with the same mortgage lender and this is called a product transfer.
Depending on your personal and financial circumstances, you may be more suited for one than the other. In rare cases, you may actually find that you are better staying on your current mortgage deal and falling onto your mortgage lenders SVR, though it is more likely you will remortgage or product transfer.
It is important to remember that you are never guaranteed to be getting a better mortgage deal when you go for your remortgage review, though it is worth at least enquiring. Here at Scunthorpemoneyman, we offer a free remortgage review with an expert remortgage advisor in Scunthorpe.
When you take up our offer of a free remortgage review a mortgage broker in Scunthorpe, your dedicated mortgage advisor in Scunthorpe will take on the bulk of the process, searching through 1000s of mortgage deals on your behalf, finding the right one for you.
If our mortgage advisors in Scunthorpe feel that a deal they have found will benefit your situation, they will present it to you. Once you are happy to proceed, we will progress to gathering documents and submitting your mortgage application.
For customers that prefer doing things on their own, you’ll find that comparison websites can help you find different deals, though you may not necessarily meet the mortgage lender criteria and there can be other costs that you have perhaps not factored in.
We have seen customers in the past, who have gotten in touch with us after previously switching onto a rate they saw online that had additional costs that they weren’t aware of, costing them a fortune. These can include set-up fees, early repayment charges and more.
Remember that whilst you can go directly to a mortgage lender, a mortgage broker in Scunthorpe will have much more to choose from with their vast panel of mortgage lenders. You will also, importantly, benefit from consumer protection.
Enquiring for remortgage advice in Scunthorpe from a mortgage broker in Scunthorpe can often be better for your situation. Mortgage lenders can only offer their own products, whereas a mortgage broker in Scunthorpe can cherry pick the best deal from multiple mortgage lenders.
If you are currently tied into a specific mortgage deal and are looking to remortgage, unless your deal is set to end soon, you may need to pay a fee in order to do so. This is called an early repayment charge (ERC) and occurs when you move away from a loan too early.
Our trusted and dedicated mortgage advisors in Scunthorpe will take any ERC’s into account when assessing the benefits to you financially of taking out a remortgage. Of course it won’t always be appropriate, but there also may be times when it is.
Once your initial mortgage deal has concluded, you are likely to fall onto your mortgage lenders standard variable rate of interest (SVR). At this point (or in a few months prior to it), you probably won’t be paying an early repayment charge.
Your mortgage lenders SVR is typically much higher than your current fixed rate of interest and will track the Bank of England’s base rate, plus a percentage increase of their own. As such, it can be quite expensive to remain on this interest rate.
We have a great deal of experience in the world of mortgages, helping customers to remortgage for over two decades now. Our team of remortgage advisors in Scunthorpe are only a phone call or booked appointment away, from helping you with remortgage advice in Scunthorpe.
Book a free mortgage appointment today and speak to an expert mortgage advisor in Scunthorpe. We look forward to hearing from you and helping you soon!
When your introductory mortgage deal comes to an end your mortgage lender may offer you a new deal to stay with them, this is known as a product transfer.
Unfortunately, lenders do not always reward your loyalty and the offer they make you may not be competitive with deals you could get elsewhere. Even more annoyingly, these product transfer rates are not as good as the deal they offer new customers either!
Whilst swapping to a new deal with your current Lender may well be fairly easy online, it is always in your interest to see what other deals you may be eligible for. Lenders will also tempt you to effect a new deal online without taking advice.
This can be really dangerous because if you do this without advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from.
We have seen numerous examples of customers effecting these “follow-on” deals and locking themselves in to an inappropriate deal. Because they opted out of advice then they have waived a lot of their rights in terms of making a complaint.
We did have a recent case where a customer who was pregnant did this and was declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new lender who would grant her the additional funds.
If we think a product transfer is the most suitable deal for you we will recommend that as a course of action for you and if we arrange the mortgage for you as a mortgage broker then all the regulation and consumer protection will apply.
In short, even if your requirement seems straightforward we recommend you always take advice – a second opinion costs nothing and making a mistake when taking a new product can be costly.
The remortgage market is highly competitive and savings can generally be made by searching the market for a new deal. This is why approaching a Remortgage Advisor in Scunthorpe might be within your interests.
Get in touch for a free mortgage consultation today.,