WHEN DID YOU LAST REVIEW YOUR MORTGAGE?

When you took out your current mortgage you may have had an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate. When was the last time you reviewed your mortgage? Is it still the most competitive mortgage to meet your objectives? A review might reveal ways to reduce your current monthly payments or manage your mortgage down to zero as effectively as possible and it costs nothing to explore your options.

A remortgage might save you money

Many lenders offer special rates to attract new business such as fixed or discounted rates for the first few years of your mortgage but when this comes to an end your interest rate may revert to the lender’s standard variable rate which is usually much more expensive so it makes sense to review your mortgage at this point. Reviewing your mortgage could make a huge difference to your payments.

Speak to one of our advisers – it only takes a short phone call to find out if you are likely to save money with a remortgage.

You might remortgage if your circumstances change

When you bought your property you might have taken an interest only mortgage – which means you are not paying off the loan, merely paying the interest on it. You might now be in a position to switch to a repayment mortgage and start reducing your debt. You may even want the option to make lump sum repayments, or to reduce the term of your mortgage and thereby pay it off earlier. 

You may also have a lump sum in savings that you wish to keep but use more effectively. This is where an Offset Mortgage can be extremely beneficial, utilising your savings to help reduce your mortgage payments or reduce the loan term without losing access to them.

You might also use a remortgage to release equity

Over time rising house prices and the reduction in your outstanding repayment mortgage may leave you with equity that can be released. There are many reasons to release equity built up in your home but it is often done either to fund home improvements or to purchase another property.

The remortgage process

  1. The key to a smooth transition from one mortgage to the next is a little advance planning. You need to speak to one of our advisers anything from four to six months before your existing rate is due to expire.

  2. Your existing mortgage lender will contact you about the end of your special deal and tell you what they can offer.

  3. We review your needs and circumstances before we search the market for the most suitable product, loan amount, loan term and features. We can tell you if you ought to stick with your existing lender or switch.

  4. Even if our advice is to stick with your existing lender, you can apply through us and benefit from our assistance and expertise during the process.

  5. The next time your mortgage is up for review we will remind you in plenty of time, making sure you always benefit from the most suitable and cost-effective product for your needs.

You might also use a remortgage to release equity

Over time rising house prices and the reduction in your outstanding repayment mortgage may leave you with equity that can be released. There are many reasons to release equity built up in your home but it is often done either to fund home improvements or to purchase another property.

The remortgage process

1. The key to a smooth transition from one mortgage to the next is a little advance planning. You need to speak to one of our advisers anything from four to six months before your existing rate is due to expire.

2. Your existing mortgage lender will contact you about the end of your special deal and tell you what they can offer.

3. We review your needs and circumstances before we search the market for the most suitable product, loan amount, loan term and features. We can tell you if you ought to stick with your existing lender or switch.

 

4. Even if our advice is to stick with your existing lender, you can apply through us and benefit from our assistance and expertise during the process.

5. The next time your mortgage is up for review we will remind you in plenty of time, making sure you always benefit from the most suitable and cost-effective product for your needs.

Free mortgage

REVIEW

The quickest way to find out if you are likely to benefit from a remortgage is to have a short phone call with one of our advisers. If you prefer to get in touch using the short form here then please do so and we will be in touch to see how we can help. 

Your first meeting with us where we will discuss the ways in which we might help you is free of charge.

We will use your name, email address and contact number (‘personal information’) to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with TenetConnect Ltd. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy.

NEWSLETTER

Radcliffe & Newlands Ltd is an appointed representative of TenetConnect Ltd which is authorised and regulated by the Financial Conduct Authority. TenetConnect Ltd is entered on the FCA register (www.fca.org.uk/register) under reference 149826. Radcliffe and Newlands Ltd Registered Address: 1st Floor, 50 Featherstone Street, London, EC1Y 8RT. Registered in England and Wales, No. 5681687

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