Remortgaging while at home – hints and tips

At present, with everyone stuck at home for the foreseeable future, it may be a good time to start looking at your existing mortgage deal and thinking to yourself: am I really on the best possible deal I could get?

It’s difficult to say what’s going to happen with the housing market in the near future, but the remortgaging market is potentially going to get busy over the next few months as people may look to stay where they are for a little while longer. A busy market inevitably means some great potential deals to be had, and there’s definitely a few things we can clue you in on to give you the inside scoop.

  1. If your current fixed-rate or fixed-term deal is due to end anytime in the next six months, it’s a great time for you to come on through to us and let us help you look for a better deal.
  2. If you’ve never switched mortgage providers, you may have come to the end of your introductory offer and been automatically switched to a significantly less competitive ‘standard variable rate’ mortgage. That’s highly unlikely to be your best deal, and we can definitely look around for you to see what’s on offer.
  3. If you can’t find your old mortgage paperwork don’t panic, we’ll still be able to help with just a few simple pieces of information.

Is switching my mortgage difficult?

No, in fact it couldn’t be simpler. We do all the legwork for you, so other than having to go through a few key pieces of information with us through email or phone, there’ll be nothing for you to do.

If I’m remortgaging, what information do I need?

We’ll need your current mortgage details, and then your updated financial/employment information. Your credit report will also be looked at, as is standard for any loan applications these days, and you’ll need to provide us with your proof of ID, plus copies of payslips or self-employed income proofs, bank statements etc.

Can I definitely get a better deal if I remortgage?

The longer you’ve been with your current mortgage provider, the higher the likelihood is that there could be a more favourable deal out there for you to move onto. Depending on your circumstances, you could save several hundreds of pounds a year in interest charges – everyone’s different, so we look at each individual scenario before making our recommendations.

Can I save money by remortgaging?

It’s entirely possible you could save money by remortgaging, especially if your current deal is due to end or has already ended. If you’re unsure, and you know your deal is due to end within the next six months or if you think your deal ended already and you’re on the companies ‘standard variable rate’ mortgage, it’s worth contacting us to see how we could potentially save you money.

Some people still don’t realise that when their initial fixed-rate, fixed-term deal comes to an end they are free to look around and remortgage with either the same or a different lender. That leads to thousands of people a year paying far more for their mortgage than they need to, and is why companies like us can step in to help.

Mortgage lenders don’t just have attractive packages for people buying a home, in fact they have attractive packages for the very large remortgaging market. By shopping around you could get a great deal, but of course no-one wants to do the research and calling of 50 or more companies to find the best deal and the calculations that come with it.  That’s where we can help.  

As a specialist mortgage broker, we can search across the main High Street names and the smaller, specialist, lenders to find you the best possible deal. By spending just a little time taking your details and getting to know you and your current circumstances, we can then use our network of contacts to search and find your best offers.

Too many people simply don’t realise they’re not on the best mortgage deal they could get, and we’d like to try to change that!

By | 2020-03-27T10:59:16+00:00 March 27th, 2020|