Our very own Michelle Niziol has written an article for What Mortgage magazine about the benefits of re-mortgaging and why now is a good time to spring clean your finances.
Read part of the article below and the full article on the What Mortgage website.
The Year to Remortgage
Michelle Niziol, director at IMS Independent Mortgage Solutions, and contestant on The Apprentice 2016, advises on what borrowers should do if they are thinking of remortgaging. With interest rates so low remortgaging is proving to be popular.
Many households have seen a squeeze on income and spending since the credit crunch, with the need to budget and make savings ever more apparent.
With interest rates at an historic low and lenders having introduced a greater range of mortgages to the market, the number of remortgages has increased steadily.
Figures from the Council of Mortgage Lenders showed gross remortgaging, i.e the total amount of remortgage lending, had risen to £6.1 billion in October 2016, the highest monthly figure since January 2009.
We expect the remortgage market to continue growing this year, as more consumers understand the benefits of switching and the potential savings to be had. According to research by TSB, almost a third (31%) of eligible homeowners are planning to cash in on low interest rates and 25% of those were preparing to remortgage in January 2017.
Is re-mortgaging right for you?
But before you make an appointment to see your lender or a mortgage broker, take some time to find out whether remortgaging is right for you. It is true that remortgaging isn’t right for everyone but the key is to find out what your options are and be sure before you make any decisions.
Certainly, if you are coming towards the end of your current deal or are on your lender’s standard variable rate, you should look to see if you can get a better deal elsewhere. Most lenders offer free valuation and legal fees for customers who are taking out a remortgage, so there’s another bonus. The money you save could go on holidays, home improvements or into savings.
Read more on the What Mortgage website here