Before you decide to remortgage you should look at the details of your current mortgage as this information helps to evaluate its competitiveness within the market.
The following may be a useful guide as to how easy it is to move. Do not be deterred if you are required to pay a penalty as it is quite likely savings can still be made.
You can remortgage and look for a better deal straight away.
Truly flexible mortgages will allow you to leave your previous deal when you want to without penalties.
Base Rate Tracker
You may have to pay a redemption penalty to switch deals with a tracker mortgage.
Variable with a cash-back
Depending on the terms you may have to repay the value of the cash-back before you are allowed to switch mortgages.
Variable with a discount, fixed rate or capped rate
You may have to pay a redemption penalty to switch deals.
If you decide to change your mortgage you should compare the potential savings against any costs of switching. A mortgage advsior can assist you with this.
Although it's often possible to save money by changing your deal, keep track of all the associated costs and make sure you are getting the best value for money. Some lenders offer specific remortgage packages where they pay for your legal and valuation fees, so all you need to do is compare monthly repayment costs (unless there are redemption penalties involved).
Ideally, re-mortgaging should save you money immediately, yet even if there are penalties involved it is likely that you will be able to save money in the long run, after the penalties have been paid off.
Remortgaging through Alexander Hall is quick and simple.
Our expert brokers guide you through the entire process and assist you with all the necessary administration from start to finish.