REMORTGAGE HELP

The time to remortgage is when your current mortgage is out of its lock in period. Lock in periods are normally associated with mortgage deals such as fixed rates, flexible rates, discounted rates, etc. where changing over a mortgage before the end of the special period may result in a early redemption fee being charged. The lock in period depends on your lender and in some cases this may only be for the special rate period and in some cases for the whole span of the mortgage, so if you have such a mortgage where the lock in is for the whole life of the mortgage then it makes no difference when you switch as you will not be able to avoid the redemption penalties. A Remortgage is also a good idea if you are currently on the variable rate with your mortgage lender, in this case if you feel that the interest rates are going to increase then it may be a good idea to switch to mortgage such as a capped rate or fixed rate etc depending on your personal choice and what you can afford. The remortgage will have some costs and this varies from lender to lender, there are other costs involved too such as legal fees, admin fees, and so on. You need to ensure that by remortgage the benefits outweigh the costs.To find out if a remortgage is right for you, give us a call or fill out our quick mortgage application form, and one of our advisors will be happy to answer any other questions you may have on remortgage and be able to give you quotes on what is available on the market currently