Your Mortgage Time To Switch



Your Mortgage Time To Switch

Your Mortgage – Time to​ Switch?
Would you​ like to​ save money on​ your mortgage? Over 50% of​ homebuyers are wasting money by paying over the​ odds for their mortgage every month .​
This is​ normally due to​ the​ fact that they’re paying their lender’s standard variable mortgage rate.
These standard variable rates are frequently 2 percentage points higher than lots of​ the​ best market deals,​ so the​ simplest way of​ saving money is​ to​ switch deals .​
If someone has a​ £100,​000 loan and switches from a​ standard variable rate,​ there will be a​ saving of​ around £1000 per year for each one percentage point in​ the​ interest rate .​
As the​ difference is​ often 2%,​ this would save £2000 every year.
Contrary to​ common belief,​ remortgaging is​ relatively easy and hassle-free .​
More and more lenders are specializing in​ re-mortgage packages and frequently offer fee-free deals with legal fees thrown in​ .​
The whole thing is​ normally completed in​ around six weeks.
Re-mortgaging is​ not simply to​ do with the​ money saving side of​ things; you​ can also make use of​ some of​ the​ equity which has been built in​ the​ value of​ your property .​
Borrowing via your mortgage is​ much cheaper than doing so through a​ personal loan.
If you’re already a​ buy-to-let investor,​ re-mortgaging is​ a​ way to​ fund extensions,​ alterations or​ repairs .​
If your equity in​ the​ property has built up sufficiently,​ it​ may be possible to​ re-mortgage and use the​ proceeds to​ build up your property portfolio.
If your re-mortgaging requirements are modest,​ it​ is​ best to​ go for a​ free-switching loan,​ where the​ mortgage provider pays your valuation,​ arrangements and even legal fees .​
Once you​ are borrowing is​ way over the​ £100,​000 mark,​ then it​ would probably be best to​ go for the​ very best rates,​ even if​ you​ pay your own expenses .​
The savings are going to​ make it​ worth-while.
Lenders are looking for ways of​ extending their range of​ services and there is​ a​ lot of​ competition in​ the​ remortgaging market .​
As an​ example of​ this,​ the​ introduction of​ a​ flexible mortgage is​ an​ interesting development .​
They may well be a​ help to​ self-employed borrowers,​ offering them more control of​ their mortgage and the​ ability to​ under and over-pay to​ fit in​ with their varying business circumstances .​
Money earmarked for the​ VAT or​ the​ Revenue can be used to​ reduce the​ interest on​ the​ mortgage until the​ time comes when the​ money is​ actually needed .​
This type of​ loan is​ also useful if​ you​ need to​ reduce or​ suspend payments at​ time,​ say during a​ career break or​ for family commitments.
It’s possible for flexible mortgages to​ include banking facilities,​ so you​ can use a​ cheque book or​ credit card or​ make direct debits in​ the​ same way as​ with a​ bank account.
There’s a​ wide choice of​ home loans – some 4,​000 different ones,​ from over 100 lenders .​
Because of​ this,​ it’s really important to​ take some advice from some-one who knows and understands the​ whole market .​
The most simple and sensible way to​ do this is​ via an​ internet broker .​
a​ broker has access to​ the​ very latest and most up to​ date deals and will search the​ market to​ find the​ right deal to​ suit your circumstances .​
You’ll get the​ very best deals,​ with a​ minimum of​ fuss and form-filling.
We think you’ll find it​ rewarding – why not get on-line today and check it​ out?

Your Mortgage Time To Switch





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