Take advantage of lowest ‘ever’ rates by remortgaging right now.

Mortgage rates have dropped to all time lows, and 2015 is predicted to be the last year we could see such historically low rates.

With this in mind, now is the right time to assess your mortgage options and switch to a cheap deal to save as much money as you can on your home.

Even if your current deal is not yet due to end it still makes sense to seek advice to find out if you could save money by switching early.

With 2 year deals starting from 1.29% you may still be able to save money by switching, this remains the case even if you have an early redemption penalty to pay.

It pays to seek help.

It is possible to make a market review on your own to work out your options, however the best way to conduct a search is through an independent and impartial mortgage professional. By contacting an expert you can be sure that all available options are considered.

Checking your mortgage offer.

Are you fully aware of the terms of your current mortgage? Before searching for a new deal its vital to make a mortgage review so that you know exactly:

• what type of mortgage you have
• what rate you are on
• what repayment clauses there are
• how long you have left to pay
• how much you are paying each month.

At Deal Direct we will review your current mortgage offer before searching for a more competitive deal for you to switch to.

• We will look at your current rate, monthly repayments and any penalties you may have to pay if you decide to switch early.
• We will work out how much you could save by switching, and advise you what your options are and how worthwhile remortgaging could be.
• Using your present equity level (which may have risen due to property price increases), we will review the market to find you the best deal for your LTV.
• We will review all mortgage options to find you a new mortgage that can beat your current offer on all levels.
• With rates set so low we will also consider the option of shortening your mortgage term. Repaying your loan more quickly while keep your repayments at a similar level to now, might be an option which could save you thousands on your home.

Important news for standard variable rate mortgage holders.

If you are on your lender’s SVR then you could make huge savings by switching to a lower rate offer.

Most SVRs are set between 3% and 5% which means any home-owner who is paying such a high rate at a time when rates are set so low, is paying well over the odds for their home.

You could save hundreds a month by switching while rates are low. After all it makes no sense to pay more than you have to when Deal Direct can find you a cheaper mortgage to switch to.

Comparison site versus broker.

While a comparison site may be useful as a starting point in your search, the services offered by an independent and impartial broker are invaluable in finding mortgage ‘specials’ and deals not advertised online. Using a broker can also increase your chances of mortgage acceptance.

At Deal Direct we:

• are up to date on all lenders criteria
• know how to present your case in the best possible light to improve your chances of mortgage acceptance
• have access to mortgage exclusives which you won’t find anywhere else, this means you really can save the most amount of money by contacting us

Consider fees.

If you are asking for a large mortgage advance the fees you will be charged have less impact as they will be proportionally smaller. However on a smaller mortgage fees can have a big impact on the overall affordability of your new deal.

It is therefore essential to calculate out the total amount you will repay including fees over the course of your deal. By doing this you can make sure you are switching to the most competitive option.

At Deal Direct we make this calculation for you to ensure you switch to the most affordable and low cost mortgage overall.

Mortgage approval.

With the introduction of the MMR, lending criteria has tightened. It can now be a challenge to be accepted for a mortgage. This said there are things you can do to make your application more appealing.

Avoid making credit card applications in the months prior to applying for a mortgage, also don’t withdrawn cash on credit cards or take out payday loans.

Using savings to get a better mortgage.

The higher the deposit you have the lower the rate you will achieve. Therefore if you have savings you might be better off using those to increase your equity. This will enable you to apply for a lower LTV mortgage.

Rates are far lower if you have for example 15% equity as opposed to 10% equity. Even if you only have a small amount in savings, using what you have could still help you make a significant saving over your mortgage term.

At Deal Direct we can review deals at varying equity levels to work out much you could save on your home by using your savings.

Choosing which type of mortgage to go for.

At Deal Direct we can help you work out which type of mortgage would be best suited to your financial needs and circumstances. Our advice is impartial and independent and based solely on your needs. We work in your interest and not that of the lender.

Are rates likely to go lower or have they bottomed out?

This is a difficult question to answer as market prediction isn’t a science, it just economists making their best guess. Rates can go up and go down, but at present the mortgage market is experiencing lows never seen before. Rates will eventually go up and therefore to avoid risking missing out on a cheap deal it makes sense to switch now.

For independent advice and a review of cheap rate remortgaging options call an adviser at Deal Direct.

Call 0800 048 8828 and let us help you switch and save money.