Re-mortgaging

Paying too much?

There are lots of reasons why people re-mortgage, to clear off other debt, to raise capital for home improvements, a business venture or a holiday. Many people simply want to remortgage to a lower rate thereby reducing their monthly outlay. Remember a mortgage is likely to be your biggest expense. Most people will shop around for cheaper car insurance or a mobile phone tariff and virtually everyone will try and get a great deal on their next car but for some reason, many people continue to pay over the odds for their mortgage. One reason for this might be the hassle factor, people can be put off with the paperwork, cost and the time required to go to various lenders.

Let CMS UK search the whole market on your behalf to see if you are paying too much to your existing lender. We will break down the whole process and offer impartial advice as to whether a re-mortgage will benefit you.If it appears your current arrangements are good we will simply advise you to stay with your current lender. We do not charge fees for advice, arrangement or at any other time. So worst case scenario is we tell you, you have a great rate with your existing mortgage provider. Best case scenario is that we could save you thousands over the term of your mortgage.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.

We do not charge a fee for mortgage advice. However, we do offer a purely fee based option of up to 1.5% of the mortgage amount.

10 Tips to Re-Mortgaging

1. Many lenders offer free legal fees and free valuation.
2. Think about reducing the time left on your mortgage, the long term savings can be massive even if you only reduce the term by 2 or 3 years. Get a quote.
3. If your mortgage is interest only, consider paying back some of your mortgage on a repayment basis. This can take care of a potential shortfall with a savings plan linked to your mortgage.
4. You need to consider whether any monthly saving made by remortgaging is offset by any arrangement fee for the new mortgage. Your advisor will help to ensure this is not the case
5. Now is the time to review all your other financial outgoings, speak to an advisor at CMS UK.
6. Always ask your advisor to detail any fees, how much and when they are payable. Most brokers will charge a fee which is added to the mortgage. This means in the short term you don't lose much but in the long term you will be paying interest on that fee. Remember at CMS UK we don’t charge a brokers fee.
7. There can be huge short term benefits to consolidating other loans, credit cards etc. There is however a negative to doing this, you may be securing debt which was previously unsecured. You may be paying loans back over a longer period of time. You should speak to someone at CMS UK with regards to securing other debt.
8. Cheapest isn't always the best.
9. Be very careful of early repayment charges when re-mortgaging, you may get a great introductory rate but the lender may tie you in for years after that introductory rate ends. Speak to an advisor at CMS UK about finding a mortgage with a great introductory rate with no additional tie-ins.
10. Re-mortgaging can be very stressful and complicated. Get a qualified mortgage advisor to do all the leg work for you, we can do all this for you.

To view our list of lenders, click here.