Finance Articles

Why Re-mortgage?

It is estimated that more than half of all borrowers ? that is most of the people in the UK - are paying too much for their mortgage each month. Usually these people are paying a standard variable mortgage rate when there are lower rates available from other providers. Unsurprisingly banks are unwilling to let borrowers flit between mortgages once they have them hooked on to a high rate and in recent years mortgage and re-mortgage fees have rocketed. We had to pay for those fancy introductory rates somehow.

Many people do not see re-mortgaging as a solution, but it can often prove an economic option for people who feel they are paying over the odds. Lenders are never keen to brag about cheaper deals once they have you signed up, but even so these deals are there for people who ask. In fact switching provider will often result in lower monthly payments, though huge re-mortgage fees can cancel out much of the benefit.

As a result it is often difficult to know whether it makes sense to re-mortgage, and generally it comes down to a case of ringing round for some quotes and then doing a few sums on the back on an envelope. Obviously, you need to make sure that the lower rate of interest you get from changing provider is not lost through the high charges that lenders demand for a switch.

With the mortgage market in the condition that it is, it is now increasingly difficult to find an eye opening deal, but that is not necessarily a reason to give up. If you are struggling to keep up with payments it may well be worth considering a re-mortgage and finding out about the options open to you. Banks are never reluctant to accept more of your money, and if they feel you would benefit from having longer to pay off your mortgage then they are likely to do what they can to help.

In any case this is not a process that you have to undertake on your own. There are a plethora of financial advisers who can help you, though it is worth checking exactly who they are employed by. Some work for lenders and will therefore only recommend products from one mortgage provider or a small panel of providers. But there are plenty of independent mortgage brokers who will look at the whole of the mortgage market in a bid to find you the best deal. Alternatively you can you use price comparisons sites on the internet to give you a rough idea of whether re-mortgaging could prove cost effective. The free quotes they offer do not always take all the conditions and features of products into account however. Though on offer may appear cheaper it may exclude features that would save you money in the long-run, and it is always worth checking these over before you commit.

Be aware also that brokers may take commission from the provider they recommend to you, and also that some advisers will also charge you for independent mortgage advice. As with any major financial decision, the best advice is always to shop around, and not simply trust the opinion of the first broker you come across.

Robert Wood - http://www.onlyfinance.com

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