How To Save Thousands By Remortgaging Your Home

REMORTGAGING | 23.06.2017

There’s never been a better time to remortgage. With interest rates at their lowest in years, there are countless lenders on the market offering buyers and existing homeowners fantastic deals.

If you’re looking to save money and improve your finances, remortgaging your property could help you save thousands of pounds over the course of your mortgage deal. In some cases, it could enable you to free up some of the equity you already have in your home to be spent elsewhere. A remortgage won’t be available for everyone, but it’s worth looking closely at your current deal and assessing whether you’re eligible for a better one. Here’s our guide to saving thousands of pounds by remortgaging your home.

Check your current deal

If you’re not already familiar with the terms of your current deal, it’s time to gather all the details together. You need to determine:

What is your current interest rate?
How much do you repay each month?
How much of your loan is outstanding?
What type of mortgage do you have?
What is your loan-to-value (LTV)?
When does your deal end?
Will you face any early repayment charges if you remortgage?

Identify what you want to achieve

There are countless benefits to remortgaging your property, from freeing up cash to be spent on large purchases to reducing monthly repayments to make the mortgage more affordable. Some homeowners choose to increase their repayments to pay off the loan early and reduce the amount of interest they pay over time. Before applying for your mortgage, it’s important to be clear exactly what you want to achieve. You’ll need to give your reasons during your application.

Compare deals

Once you know your current deal like the back of your hand, you can track down a better one. Rather than approaching your current mortgage provider or another lender directly, be sure to compare several deals to find the one that’s most cost-effective for you. Some homeowners choose to use price comparison websites but you may gain access to a wider choice of deals by using an independent mortgage broker.

Consider pouring savings into your property

Do you have a healthy savings account? Using your savings could give you access to a better deal. In fact, lowering your LTV by as little as 5% could see you eligible for much more rewarding products. For example, borrowing as little as £1,000 less could save you hundreds each year.

Ask for help

Although a mortgage broker isn’t essential when remortgaging your home, recruiting the help of an expert could help you access much more affordable deals than you can alone. Independent mortgage brokers will compare hundreds of products on the market before highlighting those most suitable for you. Not only will they save you time, they could save you thousands of pounds. If you have a poor credit rating or your finances are looking a little unhealthy, a mortgage broker could point you in the direction of those most likely to approve your remortgage application. A rejected application could leave a negative footprint on your file and make it harder for you to access loans in the future. So you may as well get it right the first time!

Apply for the new deal

Once you’ve found the perfect deal for you, it’s time to submit an application. If you decide to use a mortgage broker, they’ll guide you through the entire process from start to finish. They’ll also take much of the workload from you and liaise with your lender on your behalf.

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In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567
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