What to consider when remortgaging and switching deals.
When remortgaging it is important to consider why you are thinking of switching deals. Are you attempting to reduce your costs or do you want to increase your mortgage to release 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 rising rates more home-owners looking to cut costs are considering a remortgage. With eurozone problems likely to rumble on for some time to come lenders already experiencing rising funding costs, could start to withdraw their most competitive offers.
Deal Direct therefore recommend home-owners act now and remortgage while good deals remain on offer.
If you are looking at remortgaging contact 'whole of market' broker Deal Direct today.
