Switch home loans and cut your costs
With the typical variable rate at 7.74%, you can save hundreds of pounds a month by remortgaging with another lender. Some lenders offer to pay for legal and valuation fees that would normally add up to more money.
The Mortgage & Lifecover Network, the independent mortgage broker dealing in the remortgage market, has been inundated. We pay all their remortgaging costs, valuation fees, legal charges, everything and charge no fees ourselves.”
Many of its fixed or discounted mortgages carry no overhanging redemption penalties, which therefore does not lock you into the standard variable rate once the special deal has expired.
However, the firm specialises in flexible base-rate tracker mortgages, which guarantee never to be more than a certain percentage point above the Bank of England base rate for the term of the mortgage. Most high street lenders set their variable rate almost two points above the base rate, which is currently 5.75%.
With many people predicting a short-term rise in interest rates, discounted or fixed-deals, which give a substantial saving compare with variable-rate and even tracker loans are also popular.
Virtually everybody can save money unless they already pay a competitive fixed or discounted rate. The big banks make huge profits because of apathy of most mortgage customers.
More people are buying a second property as the housing boom has boosted the amount of equity in most people抯 homes. The lack of people who realise they can simply remortgage to save money is astounding..
People should review their mortgages every few years. If you want the best remortgage deal, you will almost inevitably have to leave your existing lender. Most lenders reserve the best mortgages for new customers in a bid to steal business from rivals, leaving existing borrowers in the cold.
Thanks for reading: Switch home loans and cut your costs
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