A Better Mortgage

Choosing a mortgage is probably the biggest financial decision you’ll ever take. So it’s important to get it right. But that’s not necessarily as easy as it sounds. There are more than 40 different mortgage providers out there, with more than 8500 different products on offer. It’s hard to avoid becoming confused as to what the most suitable one might be for your particular circumstances. So if there are professional experts you can call on who really know the field, it’s only sensible to make use of them – it could end up saving you thousands of pounds.

And that doesn’t just apply if you’re a first-time buyer, either. You may already have a mortgage and be paying too much on it. In fact, you almost certainly are paying too much! It’s been estimated that a staggering 80% of UK property owners are in precisely that situation. Specifically, millions of borrowers are paying their lender’s standard variable rate (SVR), and no lender’s SVR will be the best deal they can offer. So it makes obvious sense to consider moving your mortgage so that you can get a better deal.

Remortgaging can seem complicated, technical, and generally a bit of a hassle, but actually, it’s quite straightforward. All you’re doing is taking out a new mortgage to replace the old one, and shifting your debt from one lender to another. It’s a perfectly simple procedure. And the benefits can be substantial. Remortgaging can not only allow you to reduce your repayments by taking advantage of lower interest rates, it may also enable you to release the equity that has accumulated on your property. Equity is the difference between your current mortgage and the current value of your property, and, given how much house prices have risen in the last few years, that could amount to a significant sum. Remortgaging could make that cash available to you, to use in any way you want.

And there’s one final potential benefit to remortgaging – one that could really make a difference to people in particular circumstances. You may have fallen behind in your mortgage payments; you may have CCJ's and defaults registered against you – it’s the sort of thing that can happen to anyone, for reasons beyond their control. Remortgaging can allow you to clear any existing mortgage arrears, defaults or CCJs direct from your new mortgage. It can enable you to start again with a clean slate and begin to rebuild your credit rating.

The problem is, that in these cases most banks’ computer systems will actually reject a remortgage application automatically because you don’t fit their preset lending criteria. Which brings us back to where we started. If you want to improve your mortgage situation, you really do need to have professional experts on board. In the special circumstances of defaults or CCJs they will be able to find a lender prepared to accommodate you, but, more generally, they will be able to guide anyone through the mortgage jungle, so that, whatever your situation, you will end up with the most advantageous mortgage or remortgage deal available.

So, for professional mortgage help and advice, call our debt free help line on 01612445649