Mortgage Advisors
Your advisor will be able to offer you the most comprehensive remortgage package and the advice to help you decide which product suits your current financial situation.
You may like to consider why you are remortgaging and what costs you will incurr along the way.
Many existing borrowers choose to remortgage their property because they would like to buy into a cheaper interest rate. Rates are the lowest they have been for the last 50 years and there are more signs that a lower will continue than to rise upwards. So if you are looking for a more competitive mortgage than the one you already have it may be a good time to change.
You may also be one of the thousands of home owners who are sitting on a gold mine and would like to spend some of your capital. Since the average value of a home in 1973 was £10,000 and is now £173,000, most people, unless they have already re financed their property, have a lot of money tied up in their homes and by taking out a new larger mortgage, you will be able to invest in some DIY a spectacular trip abroad or foot the bill for a wedding!
The cost of your remortgage will differ from product to product, however there are costs that you can sensibly budget for and these will include:
- Valuation fee - even though you are not physically moving, you will need to provide your lender with this figure - this will cost on average £175- £320.
- Arrangement or administration fees for setting the mortgage up will be in the region of £150 - £275.
- Solicitors fees unless these are covered in your remortgage deal and paid for by your remortgage lender.
- Land registry and local search fees.
- Early redemption penalties if there are any attached to your current mortgage.
