What should you think about when remortgaging?
When remortgaging you should think about what you want to achieve. Do you want to reduce your costs or are you attempting to increase your mortgage to release spare cash?
If you are remortgaging to cut costs and achieve a better rate you should be looking for a cheaper product. Here the headline rate should be considered along with other factors such as mortgage fees, early redemption charges and lender incentives.
When looking for the cheapest remortgage deal it is essential to review all factors to find out which is actually the most affordable product.
If you are looking to increase your mortgage you might find that you cannot source a cheaper deal than you are on because you will be increasing your outstanding loan which is a higher risk for lenders.
Whatever you reason for remortgaging Deal Direct will search the market to find a competitive offer for you.
It is possible to remortgage more than once, but if you switch deals before your current term ends you could be liable to pay early repayment charges which could affect how worthwhile and affordable a new remortgage might be.
With SVRs rising and the easing of interest rules allowing remortgaging to a new repayment deal, now could be the time to switch mortgages while rates are low.
Deal Direct recommend home-owners to act now and remortgage while good deals remain on offer.
If you are looking at remortgaging contact one of our advisers today.
