Don't get spooked by switching your mortgage

Halloween ghost

- Salli Anstey

There are so many reasons why you may want to review and switch your mortgage. You might need to raise some capital for home improvements, your current mortgage fixed term rate has come to an end, or your circumstances have changed, and you need to alter your payment terms.

Whether you’re spooked by the ghouls of Halloween or jumpy about what Brexit will do to your mortgage, don’t be afraid… at Private Wealth Mortgages, we offer a FREE ‘MORTGAGE MOT’ REVIEW SERVICE. Our expert mortgage advisers look at your individual circumstances and your current lender mortgage terms to determine what the best options are for you based on your plans. There are no fees related to this service and no obligation to switch, so you won’t be haunted by your decision to talk to us.

In the meantime, or before you call us (not Ghostbusters) on: 01403 270006, here are a few reasons why you may want to switch your mortgage:

To make sure you’re on the best deal:

If you’re currently on a fixed rate, tracker or discount mortgage and your deal is about to end, you will then go onto the lender’s standard variable rate that will invariably be higher. You’re able to start looking around for a better rate around 4-6 months before your rate ends. If you’re in a deal that is not due to end, in some cases, even with the early redemption penalty charges, switching to an alternative deal can save you money.

You want to overpay:

Having an overpayment facility on your mortgage is a tax-efficient way of maximising your additional disposable income and making further savings. You may have had a pay rise or inherited some money and want to pay extra on your mortgage, but your current lender will only let you overpay by a limited amount. Remortgaging will allow you to reduce the loan size and potentially get a cheaper rate as a result, taking into account early repayment charges.

You want to raise some capital:

If your current lender does not have the facility, or their terms are not competitive, remortgaging with a new lender to raise some capital cheaply on low rates, could be a viable option. Checking that it really is cheaper than other borrowing options, when taking into account all the fees associated with switching is, however, advisable.

Your property’s value has gone up fast:

If the value of your property has risen rapidly since you took out your mortgage, you could find that you’re in a lower loan-to-value band, and possibly eligible for lower rates. This option is worth looking into, but again, fees and penalties need to be taken into account.

You need more flexibility

You may want to change career, go travelling, or go back to education, meaning you might need to take a payment holiday or combine your savings with your mortgage. These are terms that, if available, can either be negotiated with your current lender or found by remortgaging with another lender.

Whatever YOUR reasons might be for switching, within our FREE MORTGAGE REVIEW SERVICE we’ll assess your entire financial situation and current mortgage, taking into account any fees or penalties. We’ll find options that could either save you money or suit you better, whether that be with your current lender or elsewhere across the market. Give us a call today at Private Wealth Mortgages on 01403 270006 or email: info@privatewealthmortgages.co.uk

 

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Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

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