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Thinking of Re-mortgaging
Great tips from the Money Saving Expert website on thinking about re-mortgaging.
Extracted from Moneysavingexpert.com website by Martin Lewis
· Why should I remortgage?
Because it could save you money and reduce your monthly expenditure. Cutting 1% off a £100,000 mortgage will cut costs by £60-80 a month just by remortgaging to a better rate.
Why shouldn’t I remortgage?
Despite the potential savings, remortgaging’s not for everyone. It’s all a question of money, timing, and personal circumstances.
Essentially, you have to decide whether the potential savings available at the point you’re considering switching will outweigh the cost of actually doing it.
· What type of mortgage do I want?
It’s best to think of why you want to remortgage in the first place, and that should help you work out what you need the new loan to do.
A discussion with an Independent Adviser like us can help you identify the loan type that is suitable for you.
· Consider the costs and fees involved
Though remortgaging can potentially save you money, it’s not without its own costs, which sadly have risen sharply over the last few years. Pressure to keep headline rates low has meant many lenders have increased the fees they charge borrowers to move to new deals.
Of course, if the costs outweigh the savings there’s no point moving.
· The next step
Contact us at Hoskin Mortgages as a ‘whole of market’ broker, we can track down top deals and can possibly even help you get accepted for deals you might not otherwise have met the criteria for.