If you are coming to the end of your initial rate with your existing mortgage provider, are approaching the end of an existing mortgage arrangement, or have not reviewed your mortgage in the last 4 – 5 years, then you could cut the cost of your mortgage payments and it could be less hassle than you think.
At local mortgage broker Homeline Mortgages, they have seen more people reviewing their mortgages on a more frequent basis and say that invariably it can be beneficial for
Mortgage specialist Oliver Bishton said “The mortgage market is very competitive at present, and new products are becoming available on a regular basis. It is now best practice to look at switching your mortgage every few years to take advantage of these new rates. By working with a reputable and independent mortgage broker, they will advise you about any clauses or penalties, and can help you calculate the most preferential mortgage deal based upon your individual circumstances.”
Another popular reason for re-mortgaging is when you have taken up a mortgage on a special introductory rate, and this period has come to an end. Oliver added, “You are not necessarily tied into your lender just because you started on a favourable rate. Quite often there are still potential savings to be made by switching to another provider.
This is often the case for first time buyers who may have been offered an incentive by a main high street lender when they took out their mortgage, but after the initial rate period has ended, there might be alternative lenders to approach.”
With the uncertainty of Brexit, and the current economy, there is an expectation that the Bank of England base rate will rise again soon which will also impact on some mortgages, however there’s still time to re-mortgage and fix at the current rate.
If re-mortgaging is something you are considering, why not get in touch with the Homeline Mortgages team. They offer a free, no-obligation mortgage review, and will only charge a fee should you proceed with a mortgage application through them. Oliver said, “We offer exceptional customer service. Our mortgage service takes the strain out of making the necessary arrangements, as we do most of the work on your behalf which is always welcomed by our clients!”
To discuss a re-mortgage or to arrange a free review call Homeline Mortgages on 01202 937444 quoting ‘HOUSE’
A fee may be charged should you proceed with a Mortgage or Protection application. Please ask your adviser for further details. Your home may be repossessed if you do not keep up repayments.