Our Way of Getting You Better Deals
The recent increase in interest rates introduced by the Bank of England has forced many of us to give mortgages a second thought and to check out other credit options available on the market. This relates especially to those of us whose fixed rate payments are coming to a close or those on a standard variable rate, as in that case the interest rate increase contributes directly to higher instalments. We are also asking ourselves how higher loan repayments will impact our situation and whether they can be decreased.
The answer to that question is re-mortgage!
Of course, re-mortgage requires involvement of the borrower, but the potential savings may be huge! Owners of mortgaged properties interested in re-mortgage should start the process relatively early to have the best chance of getting the most attractive offer.
You should start searching for a new interest rate around 12 weeks before expiry of your fixed rate. However, if you do not have 12 weeks to spare as your current credit product is about to expire, do not panic – just contact us to start the credit swap process as soon as possible.
Benefits of Remortgaging
You need to remember that showing loyalty to one bank in the UK is not always the best policy. Most banks change your loan automatically after the fixed rate period has ended for a variable rate, which is usually higher, thus your monthly instalments go up as well. However, before deciding to change the bank you should check the current offering of your lender, which is something Five Star Mortgages advisors can really help you with. After reviewing your current financial situation our advisor will be able to assess the best options for you and help you change your bank, if that proves to be the best solution in your case.
What Does the Remortgaging Process Look Like?
- Meeting with a credit advisor to review available options.
- Discussing the proposed mortgage options to better understand the costs of the loan and commission.
Our team will review available mortgage offers, explain their costs and commission so that you can choose the best one for you.
- Submission of a mortgage application on your behalf to the lender.
We submit a mortgage application to ensure that you will get the best offer and afterwards we keep you informed about progress.
- Receiving your mortgage offer.
The lender will present their offer and we will explain it to you in detail.
- The lender appoints a lawyer to transfer the mortgage records – you can choose your own lawyer at an extra charge.
We also offer assistance and support at the mortgage file transfer stage.
- The lawyer will contact you to confirm the next steps.
We provide support at this stage, while our administration team keeps in touch with your lawyer to ensure that the transaction takes place as scheduled.
- On the last day of the process, the lawyer will present you with a statement of mortgage costs and close your account with the previous lender.
Any overpayment will be refunded by the lawyer.
Five Star Mortgages will contact you again in the future before the expiry of your fixed rate to repeat the re-mortgaging process on a timely basis in order to keep the cost of your mortgage as low as possible. We always make every effort to find the best offer for you and to act in your best interest.
If you have any other questions or would like to compare the cheapest options available to you, please contact Five Star Mortgages!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP REPAYMENTS ON YOUR MORTGAGE