When your current mortgage deal comes to an end you might be tempted to do nothing and simply move on to your lender’s Standard Variable Rate (SVR). However, by doing so you could risk your mortgage rate more than doubling.
SVR tend to be higher than the rates offered by other types of mortgage like tracker. In January 2019, the average SVR was 4.9%, compared to 2.52% for a two-year fixed-rate mortgage. Over the life of the mortgage this can mean paying thousands more interest than you need to.
Remortgaging to a better deal
Finding a new mortgage deal is a lot easier than getting your first mortgage. You don’t have the stress of finding a home, working with estate agents, negotiating contracts or worrying about onward chains.
When it comes to remortgaging you could choose to stay with your current lender, and they might offer you something tempting to stay with them, but you don’t have to. Switching to a new lender may seem like hassle you don’t need, but it’s worth the effort as it could mean you get a better rate.
Whether you’re staying with your current lender or moving to a new one, just as with your initial deal it can pay to get advice to help find the most suitable mortgage for your needs. That’s where we come in.
The value of our advice
We’ll look at your current deal and work out if there are any exit fees or early repayment charges.
We’ll discuss your needs and future plans; whether you want to pay off your mortgage early or you’re looking for lower monthly repayments.
We’ll check any changes in circumstances and how they impact your financial plans; have you started a new job or reduced your hours to care for a new baby?
What’s more, we’ll complete your mortgage application and take care of the legwork for you. As part of Openwork Ltd, one of the UK’s largest financial adviser networks, we can access competitive rates from most of the UK’s best-known lenders.
You may be able to save money if you switch to a new deal. Don’t leave it too late and end up paying more than you have to. Contact us today to discuss your remortgage.
If you don’t want to change lender but you want to be sure you are still getting the best deal we can check if a product transfer is right for you. It can be a lot quicker than a change of lender and you don’t need to pay solicitor’s and valuation fees. We sort everything out, no need to go to the bank, no need to work out if it is better to pay a fee or a higher interest rate, we do it all for you! No broker fee!
When another lender has a better deal or your current lender doesn’t want to give you a further advance/ change the terms we can help you find one that will give you what you want.
Extend or reduce term
We help you decide whether you want to pay off you loan faster or slower by showing you the monthly costs and discussing your other plans. We then recommend a lender that is happy to lend up to that age. You could potentially borrow up to age 85.
When you have got carried away with your spending and need to reduce your monthly payments to something more manageable we can look to see if debt consolidation is right for you. Each debt will be looked at individually.
Finance home improvements
Loft extension, rear extension, new kitchen, new bathroom, new boiler, energy saving building works... it might be possible to add it to your mortgage. It could be a lot cheaper than moving house.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
Interest only is the standard choice for buy to let (BTL), it leaves you more cash flow to cover the mortgage for when you are not receiving rent or you need to repair stuff. The downside is you are not repaying the loan so you will need to sell the property before the end of the term if you don’t have enough savings to pay it off.
Part interest only and Part repayment
Whether it is because you have plans to downsize or you are contributing heavily to other investments, this can also be a useful option. It combines a repayment and interest only mortgage.