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Category: Articles » Finance » Mortgages » Article » Article Code

Best Remortgages

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Consider this as a normal mathematical comparison. A 2% saving on a £100,000 mortgage works out at £2,000 per year and assuming that this saving can be made every year by moving the mortgage to another lender, it equates to an astronomical £50,000 saving over the normal mortgage term of 25 years. That equates to £40 per week, every week. It just doesn't make sense to be putting that sort of money into a lenders pockets when they already make billions of £££'s net profit per year.
 
Most of us have all experienced hard times at some stage in our lives and received letters from banks telling us that they are going to charge us £27 for bouncing a cheque or non payment of a direct debit or standing order. 
 
Now is the time to hit back and take some of that money back from them by taking advantage of the discounts that they have to offer to existing and new borrowers. There are massive savings to be had by remortgaging and the bigger your mortgage, the more the potential savings. So, if there is massive saving to be had, why do people not remortgage more often?
 
Surveys conducted by lenders have identified that some people are just not aware, whilst others have said that they just could not be bothered. Some people have stated that the mortgage market is just too complicated.
 
Well, the range of UK mortgages has increased dramatically over the past few years and although this increase in mortgage types has added complexity, it has also introduced fierce competition, which has in turn resulted in the availability of some very attractive remortgage products for the customer. With over 10,000 mortgage products to choose from, how do we ensure that we get the best remortgages and cheapest remortgage rates?
 
Employing the services of a whole of market UK mortgage broker can pay dividends here as they have sophisticated computer software to narrow down the mortgage products and arrange the cheapest and best remortgages.
 
If you are having trouble paying your current mortgage, loan or credit cards or you think that you are not receiving the best mortgage deal you possibly can, then perhaps it is time to think about finding the best remortgages. However, many people are unsure about the relative benefits and problems of a remortgage. Here are some useful tips to help you decide if remortgaging is right for you:
 
What is a remortgage? 
A remortgage is when you replace your existing mortgage loan with a new one from either the same lender or a new lender. This is usually done to reduce monthly payments or to release equity. Remortgaging is usually carried out through a remortgage broker to find the best rates.
 
Remortgaging for lower payments 
One of the most common reasons to re-mortgage is to get lower monthly payments than you do now. If you are struggling to pay off your monthly payments, then you need to look for a better deal, as soon as you can. If you can find one, then ask your current mortgage lender if they can match this, if they would prefer to keep you as a customer at a lower rate than lose you altogether. If they cannot match the rate, then you should look at remortgaging.
 
Remortgaging to release equity 
Another reason why people remortgage is to get hold of some extra money by releasing equity they may have built up in their property. This means that you borrow more than your current mortgage debt to release the money you have already paid into the property and this extra money may be used for debt consolidation or home improvements. This is especially useful if your property has gone up in price or if you have paid off a large percentage of your mortgage. It is like getting out a loan, but the rates are low as they are part of the remortgage.

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