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February 6, 2023
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February 6, 2023Is remortgage a good idea for me?
Even if you may be perfectly happy with your current mortgage. There are a number of reasons why you might want to consider searching around for a better deal - and not just to save money.
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Let's look briefly at the most frequently asked questions regarding remortgaging:
Is a chance for a better deal?
It does depend upon your current mortgage, but yes there's a very good chance switching to a different mortgage could save you money - reducing not just your monthly payments, but also potentially the overall amount you need to pay back.
Should I fix my outgoings, protect against rate rises?
Interest rates may rise or fall - and if you're worried that rising rates could cause you problems in the short to medium term, the answer must be yes, consider a switch to a fixed-rate deal. You'll know exactly how much you'll have to pay for an agreed period - usually, two, three or five years. This means you'll enjoy the peace of mind that comes with being able to plan your monthly budgets with real certainty.Â
What about releasing equity?
If you have built up equity in your home over the years, remortgaging can certainly provide funds to make home improvements, cover the cost of other major projects, or pay off other more expensive debts.
Is anything else I need to know?
There could be costs, reading of the small print will be required, or of course, a good financial advisor will alert you to all of the potentials. They can include booking or completion fees charged by a new lender, conveyancing costs, property valuation costs, early repayment charges (ERC) or exit fees charged by your current lender. Be sure to get these confirmed before making your final decision.