Before you decide to remortgage you should look at the details of your current mortgage as this information helps to evaluate its competitiveness within the market.
The following may be a useful guide as to how easy it is to move. Do not be deterred if you are required to pay a penalty as it is quite likely savings can still be made.
Variable
You can remortgage and look for a better deal straight away.
Flexible
Truly flexible mortgages will allow you to leave your previous deal when you want to without penalties.
Base Rate Tracker
You may have to pay a redemption penalty to switch deals.
Variable with a cash-back
Depending on the terms you may have to repay the value of the cash-back before you are allowed to switch mortgages.
Variable with a discount, fixed rate or capped rate
You may have to pay a redemption penalty to switch deals.
If you decide to change your mortgage you should compare the potential savings against any costs of switching. A mortgage advsier can assist you with this.
Although it's often possible to save money by changing your deal, keep track of all the associated costs and make sure you are getting the best value for money. Some lenders offer specific remortgage packages where they pay for your legal and valuation fees, so all you need to do is compare monthly repayment costs (unless there are redemption penalties involved).
Ideally, re-mortgaging should save you money immediately, yet even if there are penalties involved it is likely that you will be able to save money in the long run, after the penalties have been paid off.
Remortgaging through Top Mortgage Solutions UK Ltd is quick and simple.
Our expert brokers guide you through the entire process and assist you with all the necessary administration from start to finish.
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Your home may be reposessed if you do not keep up repayments on your mortgage.
You may be charged an early repayment charge if you repay the mortgage within the first few years.
Top Mortgage Solutions UK Ltd are independant mortgage advisors and as such offer mortgage advice from the whole mortgage market place. We may charge a reduced fee of up to 1.00% of the loan amount, as we are paid fees from lenders. However, we will offer you the option of paying our full fees which are 1.5% of the loan amount and you will recieve the procuration (commission) fee from the lender.
Top Mortgage Solutions UK Ltd is an Appointed Representative of Mortgage Next Network Limited which is authorised and regulated by Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://www.fsa.gov.uk)
under reference 300866.
Remortgage Advice in Sussex, Hastings, Bexhill, Brighton, Eastbourne by Top Mortgage Solutions UK Ltd