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I want to reduce my mortgage or pay it off quicker
What you need to know about Saving Money by Re-Mortgaging
Remortgaging is a good way to avoid high monthly mortgage payments.
By switching your mortgage you may be able to make immediate savings or you could maintain current payments and pay your mortgage off more quickly. It may be possible to do both.
You should consider re-mortgaging when
- You are paying your Lender’s standard variable rate;
- You are at or nearing the end of a deal previously arranged with your Lender.
- You believe you are paying too much, or having difficulties meeting current mortgage payments - see our other page if you wish to raise money or clear debts
Not only does the mortgage market change, but so do personal and financial circumstances. Your mortgage arrangements should be regularly reviewed – something we undertake on behalf of our clients.
By re-mortgaging you will replace your mortgage, usually with a different Lender. You may have to pay a redemption penalty if you are, or have recently been, in a special deal with your Lender - for example if you have/had a fixed or discounted mortgage rate. In this case timing the switch to your best advantage will be important and we will advise you about that.
Protecting Your New Home & Family
This is often overlooked or ignored when finances are often stretched – yet this is when it is often most needed. The sad truth is that too many people in the UK risk considerable financial difficulty, and some even financial ruin, including repossession of their homes because they have not made adequate provision. You should include within your monthly budget an amount sufficient to protect your new home and your family.
You can find out more about the more common types of insurance cover here.
By following our advice and with our assistance you can be sure that you have made adequate arrangements.
Costs
In addition to the fee that we charge for the work that we necessarily do on your behalf, there are a number of other costs. These costs can normally be added to the mortgage loan, but interest will be charged against the whole amount.
We will take into account how these costs are treated and calculated when making recommendations. For example, we will look to see if you would be better off by having a mortgage where some of these fees are waived.
You can find out more about typical mortgage related costs here