The rate on your mortgage ends in a few months! – What should you do?
People don’t move house every few years so if you have a mortgage this likely applies to you. Mortgage deals usually have a fixed term before they then move over to the Lender’s standard variable rate – which is customarily high. At this time you need to make sure you negotiate the best new deal for yourself and your family. How? We will help.
Essentially, if you are up to date with all of your mortgage payments then you will likely have 2 options.
- Remortgage by switching to a better deal with new lender
- Product Transfer by switching to a new deal with your current lender
A remortgage is a new mortgage with a new lender. This may mean you can take advantage of cheaper deals offered by companies who want to attract new customers. Your adviser will make it clear whether there is an early repayment charge due to your existing mortgage lender. The process involves making a full mortgage application to a new lender, passing their standard financial checks and requirements and, in addition, will most likely involve them carrying out a fresh valuation of your property. The process also involves a legal representative switching the charge from your old lender to the new one.
It sounds like a lot of hassle, but it is worth doing the maths; for many the savings can be significant. Over the many years that this type of business has been available – everyone has got pretty good at it.
As an incentive to switch some lenders offer deals where the legal work and/or the valuation survey are offered at no cost to customers and sometimes there small amounts of cashback is available.
At Prospect, we will always carry out assessments for customers free of charge to advise on which route is best – remortgage or a product transfer.
Why not let us do that for you – you have nothing to lose and the savings can be significant.
Book an appointment (either face to face or by telephone) using the link on the right of the screen or, alternatively contact us via info@prospectmortgage.co.uk or by calling 01983 616666.
Your home may be repossessed if you do not keep up repayments on your mortgage
