Getting ready to remortgage - what's the next step?

If you are ready to remortgage there are a few steps to follow if you are to end up on the best deal for your equity level.

• Check remortgage rates early - it can take time to find the best deal.

To get the lowest rate possible start looking up to 3 months before you want the remortgage. Compare ALL lenders remortgage ranges, the best way to do this so you don’t miss a great offer is through a ‘whole of market’ broker.

• Compare the rate offered against the fee charged.

Don’t just consider headline rates as fees also impact the cost of a new deal. A ‘like for like’ comparison is essential to ensure you end up with the most competitive product overall.

• Check to see if you have an early redemption penalty.

Make sure that you look carefully into the date your current deal expires. If you get your date wrong and you have an ERC, you could end up out of pocket if you remortgage before your agreed term is up.

• Find out exactly how much you will need to remortgage.

Don’t just guess, find out to the penny how much you owe your current lender to avoid any shortfall.

• Work out your property’s value and the LTV you require.

Find out what your property is worth. The more equity you have in your home the better the deal you will be offered.

• Check your credit score is correct.

Your credit score is important when remortgaging and so make sure that it’s as good as it can be, apply to have any errors corrected.

• Seek independent advice.

Making a search of the entire remortgage market is virtually impossible on your own, and so seek independent ‘whole of market’ mortgage advice by calling 0800 048 8828.

By speaking to an impartial adviser at Deal Direct you can be sure that you are receiving independent advice.

We are here to help you remortgage onto the best rate possible to save you money on your home.

If you are ready to remortgage and would like to discuss your options call us at Deal Direct on 0800 048 8828.