Why Remortgage?

Quite simply, re-mortgaging or changing lender can you thousands of pounds. However, before you rush out to find a new lender there a number of things that you need to consider beacsue it may not be the right thing for everyone...

Start by looking at your mortgage offer. If your mortgage was arranged after 2004 it will be broken down into 12 sections. The sections that you will be most interested in are: (Section 3) loan amount, type of mortgage, term of mortgage; (Section 4) description of the mortgage (i.e. is it fixed or variable); (Section 6) the interest rate charged and when it reverts to the lender's standard variable rate and what this rate will be; (Section 10) the early repayment charge payable and when this charge is no longer payable.

Armed with this information you will be in a position to determine whether or not it is worth moving your mortgage to another lender.

Have you asked your current lender what rate they will offer you? Do this before you approach us or any other mortgage broker for advice. Let the mortgage adviser know what your current lender is offering and they will be able to determine whether or not it is worth moving to another lender. If they advise you to move, make sure they can demonstrate why this is in your best interest and if you're not sure then seek a second opinion!

When you apply to another lender you will have to complete amortgage application form, a credit check will be carried out, your property will have to be valued and your income assessed. If your income or property value has fallen then it might be best to saty with your current lender as they will not carry out all these checks again but make sure you ask them for their best deal.

All these checks appear to be quite onerous but they are not. If your current lender is not offering the best deal then it really is worth considering another lender as it could save you thousands of pounds. If you want to talk to us about your remortgage options then we would love to hear from you. Our advice is free and without obligation. We will demonstrate why changing a lender is a good idea or why it isn't.

Look at the menu to your left, there you will find answers to some of the most common questions asked by people remortgaging.