3 Highly Effective Ways To Find The Best Remortgage Deal
With rising interest rates just months away, more and more people are considering remortgaging their homes. Switching your mortgage without changing your home can help you to get a much better home loan deal, and can also enable you to borrow extra funds for home improvements or for debt consolidation.
Finding the right remortgage deal can, however, be tricky. With dozens of lenders and thousands of mortgage products available it can be a challenge to find the most appropriate deal for you. Our guide looks at three ways that you can go about finding the right remortgage product.
1. Online: It has never been easier to compare financial products because of the internet. Products such as credit cards and remortgages are listed every day on price comparison websites. A variety of websites are available instantly which allow you to assess the rates, charges and costs of remortgages from a variety of lenders. The internet also enables you to look up an individual lender by going directly to their website to see what products are on offer.
Many lenders now offer incentives to those who submit their remortgage applications online, because it makes life easier for everyone by not having to do everything on paper. It's also beneficial to you, because it means that your application will be submitted immediately, and you can keep track of the progress of your application online.
2. Through a mortgage broker: Mortgage brokers have access to a wide range of remortgage deals from the whole UK marketplace and can help you find the right deal for you. They are professionally qualified people with a series of exams under their belt and so their knowledge of the industry is second to none.
A good broker can help you in a variety of ways. Firstly, they will do all the research on your behalf so there is no need to trawl the market yourself to find the top remortgage deals, a broker will take the hard work out of this aspect of remortgaging. Secondly, they will also normally be able to access remortgage deals with rates that are not available on the High Street. Finally, they will be able to help you complete the relevant paperwork as well as giving you a hand by monitoring the progress of your remortgage application.
Though brokers can be a good way of seeking out the best remortgage deal, some will charge a fee for their services from you, not the lender. Ensure that you know what (if any) fees apply to your deal before you agree to take a mortgage broker's help. Mostly, the value that a mortgage broker adds to a deal or the low rates they can access justifies the fee that they charge, and leaves you better off in the long run.
3. Direct: The simplest way to apply for a remortgage deal is to approach a high street lender directly. Most mortgage lenders retain presence on the high street and this makes them accessible. All banks have well informed and trained specialists who can talk you through exactly what it is that you need help with. You can make an appointment to speak with a mortgage advisor at your nearest bank or building society.
This would be advisable before doing any other research, because it will give you a starting point and something to work to. You can then use your quotations from your existing lender to compare with other lenders.
Whatever type of remortgage you're looking for; there are plenty of different ways to arrange your home loan. Using the internet is quick and could save you money, whilst speaking to a broker or a bank's mortgage advisor may be more suitable if you need some advice on the options open to you.
About the Author
Timothy Frodsham writes for http://JustRemortgages.com one of the UK's top sites for the latest remortgage rates and best remortgage deals.
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