Why use a mortgage broker near me? You may ask.
Here at SaintRock mortgage broker Morecambe Bay, your mortgage advisor will use mortgage tools and mortgage calculators to compare remortgage deals. We pride ourselves on saving you money. Not only do we visit our clients at their work or in their home in Morecambe, Carnforth and Lancaster, but we also offer remote and telephone appointments across the Morecambe Bay area and all England.
Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender. It can be a good way to find lower interest rates and better mortgage terms.
Call us today to see how your mortgage advisor can save you money.
Your mortgage adviser will ask you six quick questions to help us find the most relevant deals for you, while you can also answer a further set of questions so we can avoid finding you products you won’t be eligible for.
When your current mortgage deal ends, you’ll be put on the provider’s SVR, which is usually higher. Remortgaging can help you stay on a better interest rate. Our mortgage advisors will contact you near the time your deal ends to help save you money.
If you’re on a variable rate mortgage, a rise in the Bank of England base rate can increase your mortgage payments. If you remortgage you could find a more competitive fixed rate deal. Our mortgage calculators and mortgage tools are great at finding you the best deal.
You can also release equity from your property to pay for home improvements or other reasons
You might find a provider that lets you overpay your mortgage by more than your current one
If your property value has increased, your lower loan-to-value might help you qualify for better interest rates
You want to switch from interest-only to repayment mortgage.
Fixed rate mortgages have an interest rate that stays the same for a set period. This is generally between two and five years, although it is possible to get a fixed term for longer. Your repayments are the same every month, so you are protected from rises in interest rates. Most will charge you an early repayment charge (ERC) if you choose to leave the deal before the end of the fixed term.
Interest rates adjust periodically with a variable rate mortgage, which means repayments may change throughout the loan term. Usually, the interest rate changes in relation to another rate, the Bank of England's base rate has a big influence on variable interest rates, as does the base rate of each lender.
For standard variable rate (SVR) mortgages, each lender has an SVR that they can move when they like. This often roughly follows the Bank of England's base rate movements and they can vary massively between lenders.
Some mortgage deals carry arrangement fees, which can vary from a few hundred pounds up to a couple of thousand.
These set up costs can sometimes be made up of two fees. An increasing number of lenders charge a non-refundable booking fee, which is effectively a product reservation fee. If your house purchase falls through and you don’t end up taking the mortgage deal, you won’t get this fee back.
The second type of fee is an arrangement fee which you pay on completion of the mortgage so you won't have to pay it if, for any reason, you don't take the mortgage.
Overpaying on your mortgage could help you to pay it off early and save money on interest payments.