Switching Mortgage Providers (Re-Mortgage or Remortgaging)
The mortgage market is a highly competitive industry sector, and as long as mortgage lenders use price as their primary weapon in their marketing strategies, price competition will encourage remortgage hunters to follow the cheaper deals.
Mortgage lenders are not particularly happy with people changing mortgage providers, so they take steps to ensure that they can retain your business, some lenders have raised their up-front charges and others improved their customer offerings.
So if you are tempted to remortgage (switch mortgage provider) you need to do two things:-
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Calculate all the costs for moving your mortgage. Remember the valuation fee, the arrangement fee, maybe a booking fee, legal fees to switch the mortgage and additionally the cost of any penalties you'll be charged to exit by your existing mortgage provider.
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Contact your existing mortgage lender. Advise them that you are considering moving you mortgage for a better mortgage deal elsewhere. This should shake their tree a little and there is a possibility that a better deal might fall out.
Upon calculating the costs of moving your mortgage to a new lender and having located the best mortgage deal for your needs which you qualify for; ask your existing lender to quote for the retention of your business. You can then make the comparisons and a clear, intelligent and informed decision can be attained.
Many of the UK residents could save thousands of pounds in mortgage repayments and clear their mortgage debt earlier than expected if they were to remortgage. Are you one them?
Benefits of Switching Mortgage Lenders
- Secure a lower interest rate
- Get a new fixed rate deal for peace of mind
- Avoid increased interest rate charges
- Stay highly competitive in the UK mortgage market
- Select a longer repayment period
- Releasing equity on the mortgaged property
- Plus many more...