0800 358 5068

 

Remortgaging is an absolute must for anybody paying their lenders Standard Variable Rate (SVR) or approaching the end of their cheap fixed or discounted deal.
Currently averaging about 6.50%, the SVR is the rate you will automatically revert to at the end of any fixed, discounted or tracker deal.

Apart from anything else, remortgaging is the easiest way of giving yourself a substantial cash bonus. For example, based on todays rates, somebody paying a standard variable rate with their lender on a £200,000 mortgage may well be able to switch to a discounted deal with another lender and save more than £250 a month in repayments.

A few months before your special deal ends, you will usually be contacted by your broker to alert you to this danger and to talk through other fixes or discounts on the market that might suit your circumstances.

Although there are some fee-free remortgage deals on the market, you will normally have to pay legal and valuation fees to access the very cheapest rates, and these usually total more than £500. Plus, in most cases, a new arrangement fee. And there might even be an Early Repayment Charge (ERC) to consider.

However, even if you are tied in to your current deal by an ERC, it may still be worth checking with your broker to see whether or not it is worth paying the charge and switching. It often is, and if there is a deal that will make it worthwhile, our expert brokers will find it. Call 0800 358 5068 and speak to them today.