Remortgages

house-money-graphicWhat is a remortgage?

It’s when you move your mortgage, usually to a new lender, without moving home to save money. The new mortgage you take out is used to pay off your current one.

Why should I remortgage?

Save money

If you’re on your lender’s Standard Variable Rate (SVR), you may not be getting the best deal so switching your mortgage could save you money. If you’re coming to the end of a fixed rate deal, now may be the right time to start thinking about your options.

Release equity

When a mortgage is due for renewal it is also an ideal time to raise funds for such things as home improvements, deposits for investment properties, buying a car or as a generalisation any legal purpose.

Restructure you mortgage

You may wish to do more than just secure the best product for your circumstances. Perhaps you would like to reduce the amount you owe, shorten the remaining term or switch from interest only to repayment. Your adviser will be able to explain the benefits of doing such things.

The benefits of using an adviser

Price comparison sites have become increasingly popular, and with their promises of saving you money it can seem like the best place to look. However, with thousands of mortgage deals available, where do you start? Also, how do you know you’re getting the best deal to suit your circumstances? Here at Express Mortgage Services we have access to products that not only are exclusive to brokers but also products that are only available to a select few brokers.

An adviser will:

  • find the cheapest option taking into account all elements such as interest paid, any fees and cashback.
  • advise you on individual lender’s service standards
  • make sure you meet the criteria as set out by each lender
  • keep up-to-date with the ever changing choice of mortgage products, so you don’t have to
  • identify your individual needs, and search the market to find the most suitable mortgage product
  • help you understand the different product features
  • recommend what’s best for your circumstances and answer your questions
  • be on hand to make sure everything goes smoothly

A recent report called ‘Deadline to the Breadline 2014’ by Legal & General shows that as interest rates rise, the length of time mortgaged households’ savings such as yours can sustain their expenditures falls. A mere 1% rise in mortgage interest rates could raise repayment costs sufficiently to result in households such as yours no longer being able to save each month.

Did you know?

Just a 1% reduction on a £150,000 mortgage would save £1,500* in interest per year.

*Figures based on a 20 year mortgage, using a rate of 3.29% and 2.29% for comparison purposes.