Mortgages Uncovered

Look at the four main reasons to do this before you take action:

• A cheaper deal to reduce your monthly repayments.
• release some of the value of your property for paying debts or necessary home improvements.
• extending the mortgage term to reduce monthly repayments.
• reducing your mortgage term – through finding a cheaper deal to pay off faster.

Now we are in the midsts of a credit crisis, however, we now know that banks have tighter criteria on lending. Typically the deposits required are now 15%-20% before anyone will consider a remortgage application; a bigger deposit of 40% is the only thing that will widen your choice of cheaper interest rate.

Get your paperwork together
Wait to remortgaging for at least three to six months before your deal ends. Should your mortgage be a SVR or tracker, it will have already gone down during recent months check what you were paying before the interest rates fell to get a truer picture.

How much it will cost you to move?
Check for any early redemption charge (ERC) which will be a clause for many fixed discounted, cash back / capped deals. Also be aware of any restrictions.

Find a mortgage
Use a factsheet to decide: tracker, fixed rate or variable etc and then check; moneysupermarket.com or moneyexpert.com

Fees are involved
Check any legal fees involved with the new product (typically £400, according to mortgage broker London & Country), application/arrangement fees (upwards of £300) and a valuation fee (£300).

More mortgage information:
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