Remortgage Advice – What to Look For
Remortgage Advice Lincoln
Fixed-rate, Remortgage to a New Deal
If your current fixed-rate mortgage deal is set to end within the next 6 months, now is a good time to start looking for a new mortgage deal. Interest rates could go up between now and the end of your current product, so it certainly may be worth while looking into it now, a local mortgage broker can offer insightful remortgage advice.
In the past, offers for a remortgage only lasted for 3 months. Nowadays it is much more convenient for lenders to hold offers open for 6 months, plan ahead. Secure your deal in advance, as well as minimising the period of lapsing onto the standard variable rate. If you are really organised, you might spend less than 24 hours on a standard variable rate when the time comes to switch over!
Retention & Product Transfer
You’re current lender may offer a new deal to stay with them, but this is not a certainty. Often these “retention” or “product transfer” mortgages are usually not as good as the deals offered to other new customers. These larger companies often demonstrate that unfortunately they have no customer loyalty.
Your current mortgage provider knows that you need to provide relevant documentation to your new lender if you switch away to a new provider. Creating hassle switching elsewhere, which your current lender will take advantage of. They do this by providing an easy and slick service on a very average product.
Remortgage – Shop Around
A good broker will recommend that you stay where you are if the savings are minimal or non-existent. However, if you don’t shop around you will never know!
If you stick with your current lender, and not sign into any new deal, then your lender loves you, as you will be on their standard variable rate and paying back more each month.
In the future, technology may make the process of switching lenders much quicker. However, you can’t beat real people and for a little bit of hassle on the phone, speaking to a mortgage advisor and sending over some documents, you really can save yourself a lot of money.
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