Rivington Mortgages Remortgaging Advice
Would you like to save money or perhaps take a holiday, improve your home or purchase a new car? Remortgaging with Rivington Mortgages could be the answer to your prayers...
Interest rates are currently low and may well be lower then when many mortgage holders originally started their mortgage. Many mortgages holders still don't realise how easy it is to remortgage - that is, switch their home loan in order to take advantage of a more competitive deal.
If you're currently on the standard variable rate or you're coming to the end of a special deal, it's worth considering remortgaging to a more preferential interest rate. It could save you thousands of pounds over the remaining years of your mortgage term.
Not everyone remortgages just to save themselves money. If the value of your home has risen since you bought it, you may be able to borrow more than your original loan when you remortgage in order to pay off debts.
Should I remortgage?
Remortgaging is a fairly straightforward process. All you have to do is talk to a mortgage specialist from Rivington Mortgages about the wide range of mortgages available. There are, however, some costs involved in remortgaging. You may have to pay an early repayment charge to your existing lender for paying off your old mortgage early. Your new lender may charge you an application fee of around £300, and you may also have to pay for a new valuation of your home and for remortgage legal costs.
Find out what these costs add up to before you sign anything, just make sure that it is really worth your while switching. If your mortgage is quite small, the cost of remortgaging may actually cancel out the savings you would make for moving to a preferential interest rate.
Fortunately, to make it as easy as possible for you to switch, some lenders may offer one of the following incentives. No application fee, a free valuation or the choice of free in-house legal fees or cash back.
How it works
Rivington Mortgages need to know two things when you remortgage: what your property is worth and how much you earn. In addition, most lenders will require you to have at least 10 per cent equity in your home.
After you've filled in the initial forms, the lender will instruct a surveyor to visit your home and estimate how much the property is worth. But do be aware that a surveyor will often value your home at a lower price than an estate agent.
The whole process of remortgaging - from your first conversation with a mortgage advisor to starting your new mortgage - will usually take around six to eight weeks. And that's really all there is to it. Time to settle back and work out what you're going to do with all the money you're saving...
We normally charge no fees for mortgage advice, although depending on your circumstances a fee of up to 1.5% of the mortgage amount may be charged.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
To find out more call us on 01204 699002
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