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When Should You Switch Mortgage Companies?
By Peter Kenny
Despite it being the biggest sum of money they will ever borrow, a lot of people get their and then pay no attention to whether or not they are still getting a great deal. If you look at the rates that lenders are offering to new customers you might see that you are not getting the best deal that you can. If you feel like this, then maybe it is time to think about remortgaging with a new company.
Becoming a new borrower
If you remortgage or switch companies, you become a new borrower again. You remortgage the amount that you still need to pay on your at a lower rate. For example, getting a lower rate by around 1% on £100,000 over 5 years can save you well over £5,000.
Changing companies for a better deal
The best reason to switch companies is to get a better deal on your mortgage. If you got your some years and it has now become uncompetitive, perhaps it is time to change. Often the rates available to new borrowers are better, and it really could save you money if you swap companies
Changing to release equity
Another reason to change companies is to free up equity that you have built up in your home. If you have other debts that have much higher interest rates then you can remortgage at an amount more than you owe, which releases
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the capital you have already paid for. This could help you to make home improvements or pay off credit card debts.
Costs involved in changing
Of course, changing your is not something that you can do for free. There will be costs involved at both ends. It is likely that your current provider will charge you a redemption penalty for moving, and these rates can be very high. Also, you will have to pay the costs of arranging a new mortgage, legal costs and valuations as you did when you got your first mortgage.
Things to consider
If you are thinking about changing your there are a number of things you should consider. Firstly, you should see if your current provider could give you a lower rate or match their new rates. This will be cheaper than changing providers, but it is not always possible. You should also look at any penalties and charges and subtract them from the savings you will make. You also need to look at the rates currently on offer and the market as a whole. If rates are low now but are likely to be even lower in a few months, then perhaps you should wait. Whatever you do, make sure that changing providers will save you real money and that it is worth the time and effort. If you are unsure, then consult a broker who will work out whether changing your is a good idea.
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Additional
Resources
Is An Interest Only Mortgage A Good Idea?
By Peter Kenny
If you are looking for a home but you know that paying a mortgage will be a severe drain on your finances, then perhaps you should look at getting an interest only mortgage. If you are unsure about Read more...
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Additional
Resources
Commercial Mortgage Secrets
By Joe Kocsis
Commercial Mortgage SecretsWhether you are buying a business, raising money to pay off debts, looking for a cheaper interest rate or expanding your business, a commercial mortgage is Read more...
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