Many people seek to re-place their mortgage on a regular basis,
in order hopefully to benefit from the best deals on the market
at the time.
This can, however, lead to unexpected cost increases if interest
rates are higher than when the initial loan was taken out.
In order to help our clients obtain the maximum flexibility, at
your request we can review your arrangements on a regular basis
– especially when a special offer period comes to its end
– and aim to ensure to meet their changing circumstances.
If, for example, income has increased since the original loan was
set up, it could make sense actually to increase repayments in order
to reduce the outstanding balance more quickly. This can dramatically
cut the overall cost, as interest is paid over a shorter overall
period. It may not be necessary to remortgage in order to reduce
the mortgage term. You may have to pay an early repayment charge
to your existing lender if you remortgage.
We do not make a charge to review your mortgage arrangements but
there may be a lenders’ charge such as, for example, in respect
of valuation or arrangement fees. However, some lenders, subject
to availability and eligibility (other fees, such as arrangement
fees, may apply in some cases). This can include free valuations
and free legal services; we always endeavour to find a total package
that will suit your overall requirements.
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Think
carefully before securing other debts against your home or property.
Your home or property may be repossessed if you do not keep up repayments
on your mortgage.
