Remember to check if there are any arrangements or product fees on any new mortgages you’re looking at...
You can remortgage at any time. But if you’re not at the end of your fixed rate term, you might have to pay an early repayment charge. Most people remortgage when they get to the end of their fixed rate term as this is when your mortgage might stop being a good deal.
The only way to truly do this is to carry out a full mortgage review and let one of our team work this out for you. Mortgages can be very confusing and time consuming. But, our experienced team will tell you the best deal most suitable to you and your individual circumstances.
At Get Me A Mortgage Ben, we can take care and check out the cost for you. We will look at money-saving deals and do your sums to your best interest.
Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property. This is shown as a percentage and is called the ‘loan-to-value’. When you remortgage, the lower the loan-to-value you need, the more deals that might be available to you – which should get you cheaper mortgage deals.
When you apply for a mortgage, the lender’s valuation might just involve checking the outside of the property from the street and in some instances using a house price index. We can help check and advice you whether it is too low, which could mean that you’re losing out on a better rate as a result, we can do the work and check that for you.
When you take out a new mortgage, you normally get an introductory deal. It’s most likely a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.
Introductory deals normally last for between two and five years. Once the deal ends, you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates you might be able to get elsewhere. So when your introductory period ends, we can take a look at the market to see if switching to a new mortgage deal will save you money.
If you only have a small amount left to pay off your mortgage the savings from switching might be too low to make it worthwhile, and if you're unsure we can give you advice on what's best in your interest.
We suggest remortgaging because it might also help you to get a more flexible deal – for example if you want to overpay. Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.
If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.
Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you might end up paying more overall if the loan is over a longer term.
Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately. We have a sophisticated calculator to test whether or not it makes sense to add debt to your financial mortgage or not, allowing you to make a well-balanced and informed choice.
We will asses your suitability for a mortgage in 3 key areas these are affordability, criteria and terms. Once this is complete we will compare mortgage deals from our panel of lenders and recommend the most suitable and cost effective deal.
