Remortgaging

Moving your mortgage to a different lender without moving house can be relatively easy.

If you have had your existing mortgage for some time and are paying your current lenders Standard Variable Rate or you have come to the end of a discount or fixed rate scheme you may have a wide choice of new mortgages to consider. Remortgaging is often the most effective way to save yourself a substantial amount of money by reducing your monthly mortgage repayments.

Before applying for a mortgage with a different lender you should ask your existing lender if they can offer you a reduced mortgage rate which will cut your monthly payments.

You should check with your existing lender if you will have to pay a penalty charge to change to a different lender. If you have had your current mortgage for a short time you may be tied into a special rate deal with a penalty for repaying your mortgage before the special rate finishes. Some lenders may charge redemption penalties even after a special rate deal has ended and some also charge a fee for redeeming a standard rate mortgage to dissuade you from moving your mortgage.

To find out what mortgages may be available to you need to do your own research or contact your Financial Adviser.

Any new lender will need to carry out a valuation of your property and this can be free of charge in many cases paid for by the new lender.

You will need a solicitor to handle the legal paperwork involved in changing your mortgage lender but in many cases this will be provided and paid for by the new lender.

In most cases changing your mortgage lender is relatively easy and hassle free.

It takes on average about 6 weeks to complete the process.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

For mortgages we are normally paid by commission. As an alternative, we can work on a pure fee basis of £500 and any commission received from the lender would be rebated back to you.

David S Lowe Financial Management is authorised and regulated by the Financial Services Authority and is entered on the FSA register (www.fsa.gov.uk/register/) under reference 458258.

The FSA do not regulate some forms of Mortgages and Equity Release.

For advice on any of the above, Contact Us now.