The following is a brief step-by-step guide to understanding the remortgaging process and the benefits of working with professional mortgage brokers.
If you’re a homeowner and you’re keen to remortgage and benefit from the most competitive deals on the market, this step-by-step guide should provide some insight into the process. The process of remortgaging can be a very effective way of saving money on your mortgage repayments, but it is often difficult to know whether or not you are getting a good deal. For those unfamiliar with the term, remortgaging is essentially moving your current mortgage to a new lender, usually a provider which offers a lower and much more attractive interest rate.
Attractive options for new customers
Most mortgage products on the market nowadays will have limited terms, lasting around two to five years from the beginning of the deal. This is to entice new customers. However, as they have a limited time span, the attractive rate will eventually finish and you will transfer to the lender's standard variable rate (SVR) which is usually a much higher rate of interest which will end up costing you more in monthly repayments. So remortgaging to a brand new deal with a new lender can be an excellent means of securing another good low-cost product/deal.