Be honest, how much time do you spend thinking about your mortgage? A mortgage is one of the biggest commitments of your life and usually, very little time is spent making sure it fits your personal situation. This is when it’s time for a mortgage review leading up to your eventual Remortgage in Manchester.
Very. Reviewing your mortgage from time to time may save you hundreds or thousands of pounds of interest. It’s also a good time to review your mortgage term. Potentially, to maintain the same payment whilst reducing the number of years.
If you haven’t had a recent mortgage review, it’s highly likely, that you’re on your lenders SVR.
When your fixed-rate mortgage deal ends, you’ll roll on to your lenders SVR rate. This will be usually a higher rate however; you are overpaying for flexibility.
Fixed-rate mortgage deals usually come with a tie in periods. However, on SVR it’s highly likely you won’t have any switching fees to pay to get a better deal.
Meaning, you’re free to see a mortgage broker in Manchester (like us) to search the market and switch.
With house prices increasing, if you’re lucky enough to have lots of equity there may be better mortgage deals will be available to you.
Mortgage rates are based on loan to value ratios, as a rule, the more equity you have, the lower your interest rate will be. You may also have capital raising options available to you if you require.
If you are a relatively new homeowner, or your property has yet to increase in value, there may still be money-saving options with your current mortgage lender. Usually, if you’ve kept your payments up to date etc product transfer deals will be available.
The mortgage deal with the lowest interest rate isn’t always the best one.
A trusted mortgage broker in Manchester like us will be able to work out the ‘true mortgage cost’ for you.
We’ll be able to take into account your personal situation, your credit history, the property being mortgaged, valuation fees and any arrangement fees that are payable and recommend the most suitable one for you!