16th April 2020
Why a remortgage may be your best option.
Chawley Soper, one of our Mortgage & Protection Advisers, breaks down for us how the perception of what remortgage means and how it could save you money on your mortgage repayments:
‘Remortgaging’ has been a term associated with raising money against your property to consolidate debts or extend your home however this has changed. In the consumer-led, comparison driven world that we all now live in, many of the remortgages taking place in the UK are now customers switching provider to secure a better deal that saves them money.
It’s thought that as many as 40% of UK Homeowners with a mortgage are currently paying more interest than they might have to because their mortgage loan has moved onto their providers standard variable interest rate. Mortgage lenders now have mortgage deals designed for people who are on, or are about to fall onto their current lenders standard variable rate and wish to secure a better deal.
Many of the usual inconveniences of switching your mortgage provider have now become avoidable. With working out which lender is offering you the best deal, being dealt with by a qualified mortgage adviser and many of the costs you would usually find with switching mortgage provider including the cost of the legal & property survey processes often being paid for by the new provider.
With the Bank of England bringing the base rate down to a historic low of 0.1% in recent weeks many UK mortgage providers have brought out new fixed rate products that pass this saving on to new mortgage customers.
There has likely never been a better time to sit down with an adviser and discuss switching provider. Call us on 08454 500200 or email firstname.lastname@example.org to find out more.
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