Could you save money by remortgaging?

Wednesday 21 August, 2019

Call us now on 01727 845500 for an initial mortgage advice consultation to discuss your remortgaging options.  We work with clients across Hertfordshire, Bedfordshire, Buckinghamshire and North London. 

Amy Kadir, mortgage broker, St Albans, Hertfordshire said:

Our Lonsdale Mortgage brokers regularly review the remortgage market for clients in St Albans, Harpenden, Leighton Buzzard, Radlett and Luton who are looking to remortgage.  We make sure their mortgage product is still the most suitable for their personal circumstances by comparing it to others available on the mortgage market.  For many of us our mortgage payment is our largest monthly cost so you could make great savings by reviewing the mortgage market regularly and remortgaging if you find a cheaper mortgage that suits your financial circumstances.’

Independent mortgage advisers in St Albans

Our mortgage broking team in St Albans offers you a high quality professional independent remortgaging broking service. You don't pay us an upfront broker fee although we do get paid by the lender when your mortgage is complete.  We can organise your remortgage over the phone or alternatively we can meet you to complete your remortgage application.’

Reasons why you should consider remortgaging

Many of the best mortgages offered by the mortgage lenders are only two to five year term

Most fixed rate mortgages, discount rate mortgages or tracker mortgages have only a two to five year term so we recommend you check the mortgage market four to six months before your mortgage rate is ending to ensure you have enough time to switch to an alternative mortgage product.  If you don’t take any action your mortgage lender will often move your mortgage onto a standard variable rate and this rate is often higher than your current mortgage rate or the best alternative mortgage products available in the market.

A change in your financial circumstances

If your personal circumstances have changed you may want to consider remortgaging.  For example if your salary has increased and you are in a position to pay a lump sum off your mortgage or overpay regularly you could save money by switching to a mortgage product that enables you to do this.  If you wanted to borrow more money on your mortgage and your existing lender couldn’t offer this or the terms were not acceptable to you it is worth checking the mortgage market and reviewing your remortgage options.

Amy Kadir, member of the mortgage broking team in St Albans, Hertfordshire said:

‘Many people now annually review their building and contents insurance, car insurance and utilities so our mortgage broking team recommend you also check your mortgage product when it’s coming up for renewal to make sure it is still the most suitable product for you. Even if your mortgage has several years to run it could be worth switching.  However, it is important that when we provide mortgage advice we look at the early repayment charges or exit fees on your mortgage product, as these can sometimes make it prohibitive to switch.  In some circumstances it could still be cost effective to switch mortgage lenders or take out a new mortgage if your mortgage is very large or the new mortgage product terms are so much better than your current one, as this will offset any charges made by your current lender. If the value of your home has gone up significantly compared with the valuation you received when you took out your mortgage you may be in a lower loan to value category so you could be offered lower interest rates as a result.  If you would like more information call us on 01727 845500, read the remortgaging information on our website or complete our booking consultation form. ’

Using a mortgage broker to remortgage saves you time

Our St Albans mortgage broking team will review your financial circumstances and agree which mortgage product is most suitable for you before reviewing the mortgage market.  We can save you time by completing the mortgage application for you.  We just ask that you provide us with passport ID or P60’s.  We liaise with the mortgage lender on your behalf who will undertake a credit check.  When the lender has the valuation or survey and is satisfied that the mortgage is underwritten a mortgage offer will be issued.  Read more about our Mortgage Process

"As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments."

 

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