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Time to remortgage?

Has your mortgage passed its sell-by date? Experts say millions of borrowers are paying far more than they need each month because they have stuck to the same lender for too long. Millions more are also missing out on the chance to reorganise their finances and clear their mortgages early because they are stuck with an old-fashioned and inappropriate loan choice. So what can borrowers do to save money and get back on track?

The answer is simple: Remortgages

Remortgaging is becoming easier, faster, cheaper and more effective than ever before. Almost all borrowers should consider it – but many are unsure about how remortgaging works and why they should do it.

This guide is designed to change all that. The first section explains all the key benefits of getting a better mortgage. The second part shows how to get the job done and who can help you. So read on if you want a better mortgage. And put the guide aside to refer to again in the future if you plan to follow the millions of ‘serial remortgagers’ who save money by switching lender every few years. Changing your mortgage can save you money straight away, cut the long term cost of your loan, help you sort out your wider finances – or all three. So don’t stick to an expensive, old-fashioned mortgage. Find out how remortgaging can keep your finances ahead of the game and start saving money fast.
Loyalty rarely pays in Britain’s cut-throat mortgage market. Lenders compete fiercely to win new customers, often offering great deals to people moving house and signing up for new mortgages. But they rarely seem to pay much attention to their existing borrowers.

The best that many long-term borrowers can hope for is an annual statement and a letter whenever interest rates change. Apart from that they are expected to sit back and keep making monthly payments until their traditional 25-year mortgage terms are up. But sticking to the same deal or the same lender for more than a few years can turn out to be an expensive mistake – one that can cost far more than £1,000 a year if you have a typical £90,000 loan.

Remortgaging, switching from one loan deal or lender to another, can change all that. You don’t need to move house to move your mortgage. You shouldn’t worry that the process will take a long time or create a lot of new paperwork. And you don’t even need to do the work yourself as impartial brokers such as Home, which sponsors this independent guide, can help you every step of the way.
This booklet shows how remortgaging can change the balance of power from lenders to customers – take advantage of its advice and your finances can be in better shape for years ahead. To start off, here are the six key ways that remortgaging can improve your fortunes.

Sixteen per cent

A recent survey found that 16% of home owners that were intending to carry out home improvements said it was to raise the potential value of their homes.

Re-Mortgages

According to the British Bankers Association re-mortgages were up 4% in numbers and up by 11% by value in August compared with August 2006.