There are many ways remortgaging could save you money.
Remortgaging can be a good move financially, but the benefits of changing your mortgage were reduced when interest rates fell in the last few years. In many cases if you reverted back to very low standard variable rates there was little advantage in switching.
However recently over a million borrowers have been affected by lenders increasing standard variable rates. If you are affected by these rate rises and have equity in your property, particularly if you can raise a deposit of 20% or above, you could save money by remortgaging.
Of course it depends on your current mortgage terms and payments but there are many good deals in the market so it is worth checking what is available. At Deal Direct we can source deals from the whole market and compare them with your current mortgage to find a deal that will save you money.
In addition to lenders raising their standard variable rates, mortgage deals that they offer are constantly changing with some available for just a month before they are withdrawn from the market. The cost of mortgages has been gradually creeping up and whilst still competitive the best remortgaging deals are not around for long.
By switching to a flexible mortgage you could also repay some of your debt while the low rates are available. This could reduce your mortgage term and save you a lot of money in the long run. A fully flexible mortgage may also allow you to underpay for a period if you have already made enough overpayments.
So give Deal Direct a call today, so that we can find the very best deals to save you money.
