Remortgaging – Switching Lender
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
The rate on your existing mortgage ends in a few months! – What should you do?
People generally don’t move house too often during their life, so if you have a mortgage there is a good chance that you might have a fixed term arrangement where your mortgage rate will be tied-in for a period of time. Once this expires you will customarily be moved to the Lender’s standard variable rate – which can be set at a much higher rate of interest. As such, you need to carefully consider your options in order to negotiate the best new mortgage deal.
What can you do? We will help….
Essentially, if you are up to date with all of your mortgage payments then you will likely have 2 options.
- Remortgage by switching to a better deal with a new lender
- Product Transfer by switching to a new deal with your current lender
A remortgage is a new mortgage with a new lender. This may mean you can take advantage of cheaper deals offered by companies who want to attract new customers. Your Prospect Adviser will make it clear whether there is an early repayment charge due to your existing mortgage lender. The process involves making a full mortgage application to a new lender, passing their standard financial checks and requirements and, in addition, will most likely involve them carrying out a fresh valuation of your property. The process also involves a legal representative switching the charge from your old lender to the new one.
It sounds like a lot of hassle, but it is worth doing the maths; for many the savings can be significant. Over the many years that this type of business has been available – everyone has got pretty good at it. As an incentive to switch some lenders offer deals where the legal work and/or the valuation survey are offered at no cost to customers and sometimes there small amounts of cashback is available.
At Prospect, we will always carry out assessments for customers free of charge to advise on which route is best – remortgage or a product transfer.
Why not let us do that for you – you have nothing to lose and the savings can be significant.
Book an appointment (either face to face or by telephone) using the button in the header of the screen or, alternatively contact us via [email protected] or by calling 01983 616666.