REMORTGAGES

Your mortgage is probably your single largest outgoing each month, so you need to make sure you’re not paying more than you need to.

Moving your mortgage could save you money.

When your current mortgage deal comes to an end, you need to shop around for a new product. Doing nothing and staying with your current lender on their Standard Variable Rate (SVR), which is likely to be a few per cent higher than your current rate, is just throwing money away.

Your existing lender may offer you another deal and remortgaging with them should be relatively straightforward. However their deal may not be the most competitive, there are a whole host of lenders who may have better products, moving your mortgage could save you more money each month.

Most people remortgage to reduce their monthly payments, some do it to consolidate debt, others want to release capital to make home improvements to their property. Whatever your reason, you need to decide what type of mortgage would be best for you.

There are many different types of Remortgage products - fixed rates, capped rates, discount rates, and tracker rates, for example. There could be valuation fees, arrangement fees, solicitor’s fees or products with no fees at all. You have to do the sums to make sure that what you gain through moving your mortgage to a lower rate of interest, is not lost through higher charges.

In the current economic climate, finding the best mortgage deal can be a challenge. There is a wide, and often confusing, choice of products available and remortgaging can take time and could cost money.

If you feel a bit overwhelmed by the choice, then 1 Stop Financial Services have the experience at finding the right mortgage for you.

Save yourself some time and let us do the hard work for you, we can explain the pros and cons of the different deals and find the most suitable mortgage for you.