Get Ahead of your Finances

Use our UK Finance guide and learn by experience. We outline pitfalls so that you don't have to learn the hard way, as many of us often do.

Mortgage

Remortgage five-point plan

Looking at a remortgage but still unsure about how to make sure remortgaging is right for you? Our five-point plan can help you to make up your mind. Taking a remortgage on your existing property is fast becoming the norm.

  • Write to the existing lender and ask for a written redemption statement. This will indicate the exact outstanding balance of your loan and will show any penalties or fees to be charged for redeeming your mortgage.
  • Calculate what the legal fees involved will be. These will vary according to the value of your property and the solicitor you use.
  • Look at the new remortgage offer, including the small print and ask for a written statement of what your new repayments to your remortgage will be, showing any discounts and costs that will be incurred such as the MIG and any arrangement fees.
  • Work out how much you will save each month by taking the repayment for the new loan away from the old repayment – don’t forget to take the standard variable rate (SVR) that the new loan will revert to into consideration as well, particularly if the discounted of the fixed rate is only for a brief period of time.
  • To judge weather or not remortgaging is worthwhile, compare the cost with the savings – but don’t forget the costs will be payable upfront while the savings will accure over a period of time.

As interest rates decrease and more and more lenders offer attractive mortgage deals, there is no better time to look at a remortgage.

Recent Blog Entries
Selling your homeHow to save money on your mortgageBuying a property guideDoing Business in Europe - European Business CultureThree Investment Saving PlansHouse Buying Tips – Buying a New HomeStudent Credit CardsRefinance Your Car LoanPhone InsuranceDesigning a Budget, make you money work for you