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Re-mortgaging Loyalty doesn't really count for anything when it comes to your mortgage, so it is always wise to look around to see what else is on offer. If you have been with your current lender for a long time, chances are you will no longer be liable to pay early repayment charges, meaning you are free to move to any lender in the market. In this case, and particularly if you are languishing on an uncompetitive rate, it could make sound financial sense to look around the market and remortgage to a new lender. You could make significant monthly savings on your mortgage payments and your new lender will probably do all it can to make the remortgage process as hassle-free as possible. Borrowers on a lender's standard variable rate (SVR) can nearly always make savings by remortgaging. Most lenders actively target remortgage business and will offer you a competitive deal to move over to them, The best rates are usually available to new borrowers, so you can access these by switching, plus many lenders will offer special remortgage packages to draw you away from your existing deal. They will often waive arrangement, valuation and legal fees to ease the cost of moving over to them. Switching your mortgage every few years can mean you are constantly paying the lowest available rate, but you do not always have to move lender to get the best deals and remember that the costs associated with remortgaging can quickly diminish any monthly saving from a lower rate. Whether to remain loyal to your lender or leave them for a better offer is, of course, dependent on your own circumstances. The bottom line with most mortgage borrowers is the total cost over the time you intend to be with a lender. If you can make a significant monthly saving each time you remortgage, why not love 'em and leave 'em? Raise finance, consolidate expensive debts If you have equity in your property, remortgaging can be a means to raise finance to pay for home improvements or to consolidate expensive debts on credit cards or personal loans. Contact an independent broker for a free quote
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