Bristol Remortgage Deals
A Guide To Remortgage Deals In Bristol
Do you need to save money on your mortgage payments? Need extra money for home improvements or to pay your child’s university fees? Or perhaps you just want to consolidate all your debts (overdraft, credit cards etc) into a single, more manageable monthly payment? Either way, remortgaging your Bristol property could potentially save you thousands of pounds. Read on to learn more…
A remortgage is simply defined as the replacement of one mortgage loan with another. It can also be used to describe the taking out of a mortgage loan on a unencumbered property – ie a home you own and have no mortgage on.
If you have an existing mortgage, remortgaging with a different provider could be a good option for you, though there are a number of factors to consider beforehand (see below). The main benefit is the potential to switch to a lower mortgage interest rate, thereby reducing your monthly repayments and your overall debt. As a mortgage loan is usually your largest monthly outgoing, the savings can be significant.
The reality is, once a borrower’s initial fixed rate or tracker period has expired, lenders often revert customers onto their expensive Standard Variable Rate (SVR). For many borrowers, sticking to the SVR is the worst possible option, paying massively over the odds when far cheaper remortgage deals are available. Unfortunately, some customers may be unable to get off the SVR, atleast in the short term. For example if you have a high loan to value, you’re unlikely to be eligible for a remortgage, though Ben can advise you on this.
Remortgaging can also be a good choice if you have an endowment, Isa or pension mortgage, where you are concerned about an investment shortfall to cover the capital repayment part of your mortgage.
Important considerations before remortgaging your property
Before moving your mortgage, check what fees are applicable. As mortgate interest rates have fallen, some lenders have resorted to hiking arrangement fees instead. Depending how far along you are with your current mortgage, there may be early repayment charges to pay your existing lender. They may charge an exit fee aswell. You will also have legal fees to pay.
Obviously you should add all these various fees and expenses up when assessing whether remortgaging is the right choice for your circumstances. Often the case for will still be compelling, and the potential savings from remortgaging massive, but it’s crucial not to overlook these additional costs.
Finding you a better remortgage rate
As an expererienced, mortgage broker Steve Mears Independent Mortgage Services have the expertise and contacts to obtain for you some of the lowest remortgage rates possible. Often significantly lower than you will find on the high street. After taking your details, they’ll quickly advise whether you are likely to be eligible for a remortgage, even before any credit checks are undertaken.
Not only that, working with an expert broker is a huge time and stress saver. They’ll do all the leg work and can usually place you with the most suitable lender very quickly.
So please get in touch now for a no-obligation remortage quote and let Steve Mears and his colleagues help you save thousands of pounds in mortgage costs. Just call 0117 325 1130 or enter your details in the Request a call back form on the right and they’ll be in touch at a time to suit you.