If you are thinking about remortgaging your residential home, you can get a residential remortgage from a reliable lender. If your fixed term deal has ended or you need to get a new mortgage on your home to release some cash, you can save a lot of money by taking your time to shop for an improved rate, or even better use an experienced broker like DNA Financial Solutions to tailer a product to your specific personal circumstances.
By late 2019, mortgages were up to 5.60% less expensive than the previous year. This can translate to an annual saving of up to £400 for a mortgage of £150,000. Therefore, if you have been considering the option of remortgaging, now could be the best time whilst interest rates are still relatively low.
How to remortgage
To be able to remortgage your home, you first need to find a reliable mortgage lender. DNA financial Solutions can help you to get a reliable and affordable mortgage product. We will do the leg work to find the most suitable lending partner for your needs. All you need to do is make an appointment with DNA today. Either over the phone, via email, or meet us at one of our offices in the North of England and you will be taken through the remortgaging process to ensure you understand what is expected of you by the lenders.
When should you remortgage?
The main motivation for remortgaging is to enjoy the low interest rates being offered by mortgage lenders today. Most lenders are urging homeowners to remortgage with them by offering low interest rates to get ahead of the competition, and to sell their mortgage products. With the current economic uncertainty, fixed-rate remortgage options are expected to continue being popular well into 2020 and the coming years. Take advantage of competitive rates today.
What to look out for when remortgaging
There are certain benefits associated with remortgaging like paying low interest rates and enjoying added security from fixed repayments. However, sometimes lenders may require the borrower to remortgage the whole mortgage which means the interest rate is higher. This is common with mortgages on lifetime tracker rates.
It is also important to understand that remortgaging can incur additional fees like legal, booking, valuation and conveyancing fees.
If you’re wanting to switch lenders in order to get the cheapest deal available, let us assist you. We can look at your circumstances and do the research for you in order to find you the most cost-effective alternative. Get in touch today.