Stuck on a "variable rate" with your mortgage lender? Why pay over the odds?

When you finish a mortgage deal with your current lender (e.g. at the end of a five year fixed rate), unless you have redemption penalties, it is possible to move your mortgage to another lender, without moving house.
Why would I want to do this?

A number of reasons:

1. If your deal ends, you will revert to the lenders "variable rate". This is normally a higher rate. So by switching you can find a more suitable mortgage.

2. You may wish to raise additional money, by increasing your mortgage. This could be for a variety of reasons: home improvements, debt consolidation, second home, school fees, divorce settlement, car purchase, etc.

3. You may have a potential shortfall on an endowment or other repayment vehicle. Unless you take action, you may have a shortfall, and be unable to repay the mortgage at the end of the term. One solution, is to convert part of the mortgage to repayment, to ensure it is repaid, and you don't have to rely on the repayment vehicle.

4. Repay your mortgage quicker by moving the mortgage to a flexible mortgage. By arranging to overpay, you can pay the mortgage off early.

How much does it cost to remortgage?

Remortgaging has many of the fees normally associated with mortgage. There are legal fees, as the mortgage has to be transferred from one lender to another. The property needs to be valued. There may be arrangement fees payable, depending on the remortgage deal. You existing lender may make a charge for you moving your mortgage.

Interested?

Why not complete the enquiry form to obtain a NO OBLIGATION personalised quote?