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Here we break down the perception of what remortgage means and how it could save you money on your mortgage repayments:
‘Remortgaging‘ has been a term associated with raising money against your property to consolidate debts or extend your home however this has changed. In the consumer-led, comparison-driven world that we all now live in, many of the remortgages taking place in the UK are now customers switching providers to secure a better deal that saves them money.
It’s thought that as many as 40% of UK Homeowners with a mortgage are currently paying more interest than they might have to because their mortgage loan has moved onto their providers’ standard variable interest rate. Mortgage lenders now have mortgage deals designed for people who are on, or are about to fall onto their current lenders’ standard variable rate and wish to secure a better deal.
Many of the usual inconveniences of switching your mortgage provider have now become avoidable. With working out which lender is offering you the best deal, being dealt with by a qualified mortgage adviser and many of the costs you would usually find with switching mortgage providers including the cost of the legal & property survey processes often being paid for by the new provider.
With the Bank of England bringing the base rate down to a historic low of 0.1% in recent weeks many UK mortgage providers have brought out new fixed-rate products that pass this saving on to new mortgage customers.
Applying for a new mortgage is easy.
There has likely never been a better time to sit down with an adviser and discuss switching providers. Call us on 08454 500200 to find out more.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.
Kevin and Beccy have been extremely helpful - firstly in exploring viable options to suit my situation and secondly keeping me in the loop and dealing with queries that arose along the way. This is my second mortgage with them, both of which had possibly unusual elements and they were able to navigate me through them and find me good mortgages.
Thea EBoth Mark and Beccy have been amazing throughout a very erratic and stressful time. They have been professional and attentive, making sure to stay in touch regularly to ensure everything went smoothly. I've been so impressed with their level of detail and service. I would not hesitate to recommend them.
Marie BToby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.
Sarah JI would recommend using Mortgage Decisions as they made the process of choosing my first mortgage so easy to understand . They were very knowledgeable on all the products available ,but mostly they were prompt . Thank you in-particular to Toby and Louis.
Lindsay BJack and Russell were absolutely amazing and helped me secure my first mortgage with no problems at all. As a first time and solo buyer it is all very daunting but they explained everything to me and I could trust that I was in good hands regarding the securing of my mortgage offer. Their communication was brilliant as I usually had a response to any questions within a day and my mortgage offer came through so fast. Thank you!
Chelsea W
