Homeowners could be able to remortgage their home within just a week, under new plans announced in the Queen’s Speech. At the moment it can take anywhere between six weeks and three months to switch mortgage providers, much to the frustration of everyone involved! These new plans, currently being considered by the government, could speed things up significantly.
If you’re currently looking to remortgage, below are our top tips for ensuring you get the most appropriate deal.
Loyalty is an admirable quality but in the world of financial services especially it doesn’t always count for much! We’ve all heard stories of the best credit card rates or the cheapest TV and phone contracts being available to new customers only while loyal, existing customers get the rough end of the deal. When remortgaging, it makes sense to see what your lender can offer you before looking for another deal elsewhere but don’t feel like you owe them anything. If your existing mortgage lender can’t offer you what you’re after and there is a more attractive deal elsewhere to meet your needs then it may be appropriate to consider moving lenders.
When you buy your first home you’re filled with a sense of accomplishment – you’ve done it, you’ve bought your very own bricks and mortar and it’s all yours! Then you read your mortgage statement a year or two down the line and realise very little of it actually belongs to you just yet! Be realistic about how much you’ve paid off your mortgage and how much your house is worth when looking to remortgage.
Get your finances in order
Just like you did first time round, when remortgaging it’s essential that your finances are in order and you appear to be managing your money well. Pay off any debts where possible, keep an eye on your credit score and keep your bank statements and wage slips organised.
As with any financial commitment it’s important that you receive sound, unbiased advice before making a decision. If you’re looking to remortgage call in and see us at We Know Mortgages Ltd today and find out how we can help you.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.