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Part 2 - Can remortgaging be worthwhile?
Take Birmingham Midshires for example. They currently offer a two year fixed deal at 3.89%. This looks like a bargain until you read the small print - they've hiked up the { life assurance } arrangement fee to a massive £1,499! If you write off this fee over two years at £749.50 per year, that's equivalent to an additional 0.75% on a £100,000 mortgage.
- Refinance home distilling cash by renewing home loan
- Every year many people refinance their mortgage. Why and what to look out for.
- Buy to Let Mortgages. Boom time returns.
- Buy-to-let mortgages are booming again. What's changed and what, as a new landlord, do you need to look out for?
- Mortgages and Loans. Islamic finance avoids interest.
- Muslims are forbidden by the teachings of the Koran to pay interest. This means that conventional mortgages and loans cannot be used. This article explains the alternatives available for Muslims and defines some of the words used in Islamic finance.
- Mortgages. Exit fees to be capped.
- After years of lenders having a free hand to increase exit charges, the FSA steps in to restore fairness for consumers. This article explains.
- Mortgages. The pitfall of Interest Only mortgages.
- Interest Only mortgages have become increasingly popular. Why, and what are the concerns?
- Mortgaging for funds
- A new study has found that pensioners are concerned that they will have to sell their homes or take in lodgers to make ends meet.
So if you want to remortgage you need to do a little homework. Firstly calculate the ( motor insurance quotes ) costs of moving your mortgage. Remember to add in the legal fees to switch the mortgage (usually around £350 on a £100,000 mortgage), the valuation fee (typically £250 for a £100,000 mortgage), the arrangement fee (typically £500), maybe a booking fee (£50?), plus the cost of any penalties you'll be subject to if you repay your existing mortgage.
Now get on the phone to your existing lender. Let them know that you're considering moving for a better deal. Unless you ( pet insurance ) put pressurise them, lenders often work on the basis that, provided they offer a reasonably attractive deal, natural apathy will prevail - borrowers will be happy to sit tight and avoid the cost, time and trouble of remortgaging. So shake their tree and see if a better deals falls down. If your current lender just offers you their standard variable rate they don't warrant your business!
Now you've found the best new remortgage deal you qualify for, weighed up the costs of moving and got your existing lender to quote for retaining your business, you can make a full comparison and a clear decision.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.