Are you looking for ways to save money while paying off your home loan? Do you need to tips on how much you can save before you even sign a mortgage agreement? No need to worry because Remortgage Fast has got all you seek. We cater for your mortgage and remortgaging needs, no matter where you are in Southampton, Portsmouth, Basingstoke, Gosport, Andover, Waterlooville, Aldershot, Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet or Petersfield.
At Remortgage Fast, we understand how deflation and recession in world economy has made interest rates in the mortgage industry to hit low. Even in the UK, you can get cheap rates if you’re a good negotiator and if you’re patient enough. That’s why we endeavour to make every mortgage application and repayment process easy for our clients.
In as much as not everyone can easily get the right deals, you should make an effort to access your mortgage and find out if the deal is what you’re okay with or if you should even remortgage. Here are tips on how much you can save on a mortgage – or you can call the number at the top of this page for expert advice.
Check your Current Mortgage deal
This is like a basic tip, but you need to know what the current rate is how much you’re meant to pay each month and your outstanding loan. What type of mortgage are you on? Are there any penalties for early or late repayment? When does your repayment period end? Can you finish paying within the 10 or 25 year period? These are questions that will help you determine how much you can save.
Check your loan-to-value. This is the borrowed proportion of your property’s worth. For instance, a house valued at £150,000 with an outstanding loan or £120,000 has a loan-to-value of 120pc. You are on a good deal if your loan-to-value is lower than the property value.
Check for Cheap Good Deals
Carry out a research on the rates out there. Then look for a website where you can compare them. You can key in your property’s value, how much you wish to borrow amongst other necessary information. A list of deals will be displayed. It could be from brokers or lenders. Ensure you go through them thoroughly.
Avoid Standard Variable Rate (SVR). The average SVR you will find around won’t help you save as you would love to. Take note of small mortgages, because you’re likely to feel the huge impact it will have on your finances – as compared to when you take a bigger house loan.
Are the Lenders willing to Loan you the money?
Gone are those days where lending institutions advertise deals to lure customers. These days, they majorly want to work with someone with a good credit history and a borrower they can build a lasting relationship with. Therefore, you need to take certain measures to ensure no bad print is filed under your name. Avoid taking loans unnecessarily, do not withdraw cash as you like and do not buy any insurance or take loans that will make them believe you won’t be able to pay back. Keep a clean sheet months before applying for a mortgage.
Carefully cross check files to make sure nothing will affect your loan application. Even careless registrations of phone contracts can hinder you from getting the mortgage. Ask yourself questions like – “can my income pay off the mortgage if the interest rises?”, “how much do I spend monthly?”. This will help you save.
Fixed or Variable Rate?
Well, fixed mortgage means you’re repaying a specific rate for a fixed period of time. With variable rates, your repayment depends on the base rate and other factors. Since the market is unpredictable, you can check your own pockets. Can you pay the rate if it rises by 20%? Should you stick to fixed rates and just be certain of the particular amount you’re to pay back? These questions will help you determine what rate type to go with.
How much can you really save using a Broker?
Now instead giving yourself a headache, thinking about how to get the right lender, perhaps you should consider a broker’s service. Besides, it saves you time and an expert is likely to do a better job at getting you that home loan you seek. All you need do is pay them a fee for their search and they will gladly help you secure the ideal mortgage that meets your specific needs. At Remortgage Fast, we even get you a free quote. Just fill out the contact form, and we will get back to you as quickly as possible.
Saving with the help of a broker is worth the broking fee you’re charged. This is because they not only help you find the right deals, but also in locating the lenders who offer flexible deals to make repayment easy for you – no matter the circumstance. You might be wondering – “but how cost effective is it to pay a broker while trying to save?”. Take this for instance, if the mortgage you find is £150,000 to be repaid over a 20 years period, and a broker finds a deal whose fixed rate for 4 years is is 0.50% lower, you’re likely to save well over £1,000 during that 5 year period. Imagine the broker finds a mortgage 1% lower, you will be smiling to the bank all year long.
That’s why we at Remortgage Fast put in our best to make sure you save a little something from your mortgage deals. We know that repaying a home loan isn’t easy – especially if you have bills like school fees, medicals and other utilities to settle. Therefore, we make sure you don’t spend every penny of your income in repayment. Wherever you are in Hampshire and it’s surroundings, contact us by calling the number on top of the page and we will promptly get you a quote.