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Simple Guide To Switching Your Mortgage To Save Money
• A financial change that offers excellent financial return
• Switch from a higher-rate to a lower-rate mortgage deal
• Will involve you in dull paperwork and undoubtedly a few phone calls
• Process takes a couple of weeks to complete
• Potential savings millions of mortgage borrowers should not be missing out on
https://remortgages.com/
2015 Media Reporting
Recent media coverage of mortgage commentaries :“never been a better time to act and remortgage your property”• Guardian newsparer
“mortgage war to get you to switch your mortgage to another bank”• BBC news
“shiny incentives offered to entice mortgage swithers” • Moneysaving expert
“record-low rates and cut-price fees as well as cash-back”• Financial Times
https://remortgages.com/
Tempting Remortgage Deals
Who needs to remortgage?
• an estimated 4.3 million UK home owners• 4 in 10 of all those with mortgages
Mortgage borrowers languishing on their current lender’s standard variable rate.
According to research recently conducted by HSBC bank (June 2015)https://remortgages.com/
SVR – What SVR?
• The banks standard interest rate is their SVR• SVR typically much higher than the best mortgage deals available• SVR rate is also called a follow-on rate • SVR - borrower pay this rate once any special introductory deal,
such as a fixed rate, expires• Average SVR or “follow-on” rate 4.48pc (source Bank of England 2015). • Some lenders have much higher rates charging more than 6pc.
• Compare two-year fixed rate remortgages as low as 1.2%
https://remortgages.com/
Shop Around For Best Remortgage Rates
Various options to consider;
• Fixed rate – fixed payment schedule• Tracker rate – variable payment schedule related to Bank of
England base rate• Variable rate – variable payment schedule related to lenders
own rate
Shopping around – a borrower with a £200,000 mortgage could save up to £85,000 over the lifetime of the mortgage
Remortgages.com remortgage comparison sitehttps://remortgages.com/
Current Remortgage Rate
• Figures show remortgaging falling since the financial crisis struck back in 2008 (Council of Mortgage Lenders)• Fall in the overall value of mortgage loans. • 2014 borrowers took out £46 billion of
remortgages• 2007 borrowers took out £129 billion of
remortgages• Approaching Bank of England interest rate
increase in remortgageshttps://remortgages.com/
“
”
a lot of home owners pay absolutely no attention to their mortgage rate. A lot of borrowers simply don’t check their rate, or they delay remortgaging because they think it’s a laborious and expensive process. But it’s actually very straightforward and can save you a fortune, particularly now with rates at record lows
Brian Murphy: The Mortgage Advice Bureau
https://remortgages.com/
Remortgaging Your Home
• Vast majority of mortgage borrowers on their banks SVR rate will be able to switch without any problem
• Switching penalties unlikely on lenders SVR• May avoid affordability checks if transferring product
with existing lender• Mortgage broker still advisable to find best product for
you• Affordability checks can stop some customers
transferring mortgage• Bad credit remortgages more difficult but still possiblehttps://remortgages.com/
Getting Best Remortgage Rate Possible
• Get personal finances in order• Avoid being trapped on your lenders SVR• Reduce your property LTV for best remortgage rates• Wait until fixed rate expires to avoid penalties• Do your remortgage calculations – know all of the costs
involved• Brokers may be able to source better mortgage
rate/product than directlyhttps://remortgages.com/
