10 tips for remortgaging

This is your chance to reduce your outgoings, extend your mortgage to reduce the monthly costs or raise some money for renovations. For goodness sake take your time and make the right decision. Happy to chat if you need advice.

1. Make sure you start thinking about your options well before the end of your current special deal period. 2. Check to see if your current lender will charge early repayment charges or if there is an extended tie-in. 3. Give your current lender the chance to offer you a better deal. 4. Be savvy! Do your sums and make good use of all the online tools available.

5. Be wary of lenders who offer ‘best’ deals to new customers only. 6. Compare like with like: don’t just compare interest rates, remember to factor in all the charges and fees. 7. Avoid mortgages with insurance tie-ins, as they can often be more expensive in the long run. 8. Although you may have chosen a particular rate for a certain deal period, be aware of your new lender’s standard variable rate (SVR), as you may revert to it ultimately. 9. Check that the lenders you are considering charge daily interest and not annual interest, as each payment will immediately reduce your loan. 10. Be aware that some lenders only have certain deals available if you go to them directly