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How To Save Money On Your Next Remortgage

REMORTGAGING | 29.07.2021

If you’ve been with the same mortgage provider for some time, it’s likely that you may be paying more than you need to for your home loan. The market is constantly changing and what might have been a good deal at the time you signed up, probably isn’t very competitive today. Therefore, remortgaging and moving to a better deal can help you save a substantial amount of money. Here’s everything you need to know about saving money on your next remortgage. 

What remortgage means

Remortgaging is where you move from one mortgage deal to another, whether that’s with the same lender or moving to a new one. Homeowners do this to reduce their monthly payments, pay off debt, make home improvements, or free up money for life milestones such as weddings, holidays, or university costs.

Why remortgage now?

There are several reasons why it may be worth remortgaging now, including: 
  • Take advantage of low interest rates.
  • To avoid moving on to the lender’s standard variable rate.
  • Your current fixed deal is up for renewal - the best mortgage rates only last a short period of time, so it’s best to consider remortgaging when your fixed rate is due to expire. If you choose to remortgage through TaylorMade, we’ll send you a reminder in advance so that you have plenty of time to shop around with us.
  • The value of your home has increased considerably - you may be able to reduce the amount of interest you pay by remortgaging to a better deal.
  • You want a better rate than you’re currently on - if you want to reduce the amount of interest you’re paying on your loan, remortgaging can give you access to more favourable rates.
  • You want to be able to make overpayments - if you’d like to overpay your mortgage but your current lender won’t let you, remortgaging can be a smart move. 
  • To borrow more money - you need to raise additional funds for home improvements or a life milestone such as a wedding. 

Is remortgaging a good idea?

Depending on your personal circumstances, remortgaging can transform your finances and allow you to save thousands of pounds.  But you need to keep early repayment charges in mind if you’re already tied into a deal. In some cases, these charges can be really expensive, so it’s worth doing some sums or speaking with a mortgage broker to calculate whether a remortgage will improve your finances.

Save money using a mortgage broker

A good way of saving money on your next remortgage is by using a mortgage broker. Mortgage brokers have access to all the deals on the market, including those not available to you directly. They find the best possible rate for you and take into consideration any product fees and incentives before deeming the new mortgage beneficial for your finances.

Save money on your next remortgage with TaylorMade

If you’d like to remortgage to save money, our expert mortgage advisers will search the market for the best deal for your circumstances. And if we believe that sticking with your current mortgage deal will save you more money in the long run, we’ll be completely transparent and tell you this. Contact us today to start the remortgage application process.
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