Remortgage
Why do I need to remortgage, the main reason to remortgage is to find a better rate than you
currently have. Most lenders will offer a competative rate to entice you over to them from a rival lender,
this is both good business for them, as the lender has a new client to sell alternative products to.
Such as new bank account, loans, credit cards and a wide array of insurance products from life inssurance,inssuring
family pets from high vet bills, to insuraning against flooding and storm damage.
Your slice of the deal is you take the new rate from the lender saving you monay and if smart shop arround for
other competative deals through your mortgage broker whop arranged the mortgage and not your new lender.
However at the end of this happy partnership the lender will be looking to make more money from you by not offering you a nice new deal,
but hopeing on the fact that you are not financially aware and instead of switching to a new deal, with a new lender,
you stay where you are and the bank makes more profit from you.
There are many options avaliable to people when remortgaing, which rates do you take. Would you preffer a fixed rate where the payment stay the same for an
aggreed period of time. Would you be more interested in a variable rate mortgage where yor monthly payment can fluctuate.
The variable rate option if best if you think rate are going to come down in the near future, but if you think they are going to rise take the fixed rate and protect your monthly payments.
Again this is an area where you mortgage broker can advise on, We dont have cystal balls and can not see into the future, but we can offer some guidance.
When you go to see you mortgae broker it is always worth having a look at your insurances to see if you can save money.
With so many diffrent types of insurances avaliable thes days, it is worth speaking to a profesional. Not only will they save you money
But time and hastle as they will complete all of the paperwork on your behalf, which is a god send for peolple with buusy lives who can not get time off work.
So to sumarise, by taking half an hour of your time to speak with a mortgage advisor, you will be able to save a lot of money from not only your monthly mortgage payments but all your other
associated insurance costs. In some instances you could save enough off your monthly payments for a nice weekend away or something for the house, which you would not have had the money for in the past.