Thinking of re-mortgaging? There are a few things that you need to consider before deciding which will be the best mortgage for you.
Firstly you need to talk to your current lender to see what deals they are willing to offer you. Don't forget to note any associated fees. Secondly you will need to find out how much you need to borrow to repay them, this figure may include an Early Redemption Charge. Once you have this information it is then time to scour the marketplace for the best mortgage or contact a mortgage broker to do this for you.
We will do this free of charge. Here at UKFCS we will gladly do the legwork for you and if we can better the rate offered by your existing lender we will gladly apply to the new lender for you, again totally free of charge.
If you decide that you do not want us to act for you that's absolutely fine; we wont charge you a penny for our advice.
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There are many different points to consider before proceeding with remortgaging your home and one of the first questions should be "why do you want to remortgage your property?" This may have a straightforward answer, similar to "we're reaching the end of our introductory rate and the payments are due to increase." In that situation it is worth contacting your existing mortgage provider, as it could be possible, if there haven't been any missed or late payments, that they will be happy to offer you a further introductory period for another two or three years.
Everyone won't be in such a fortunate position though and this is where the expertise of UKFCS can really make a difference. A truly independent mortgage broker is able to compare the best deals across the whole of the market rather than being tied in with one or two mortgage providers. At UKFCS we are able to obtain the current lending criteria for every mortgage company, and will know whether that mortgage provider is suitable for your requirements. UKFCS are able to save you money because we will be able to ascertain whether you are likely to be offered a mortgage by a new provider. We don't charge you any fees at all and as we work across the whole mortgage market and are not restricted by being tied to any mortgage provider we will find you the best possible deal for you and your circumstances.
It may be that you haven't reached the end of the introductory discount period on your current mortgage. If possible it is always better and cheaper to remain with the same mortgage provider until the end of this period. Should you need to remortgage before the end of the fixed rate term then it is highly likely that you will need to pay an early redemption charge, which is usually a percentage of the total amount which was borrowed. There may be additional fees charged by your mortgage provider for releasing the deeds and possibly late payment fees – if you have fallen into arrears. If you are looking to consolidate debts by obtaining a remortgage discuss this with your mortgage broker. Only by giving them the full information will they be able to provide the best remortgage for you.
Another benefit gained by asking a reputable mortgage broker to assist you is that they know the right questions and answers needed for a mortgage application. Although you can trawl though the various mortgage providers and hope that you are getting the correct information from them, UKFCS know instantly whether the information is right.
Before doing anything else, contact UKFCS and we will be delighted to explain how we can assist you in your search to remortgage your home. We don't charge for our services, and it could be the best call made by you today.