I’m regularly asked by Mumblers about their remortgage options and thought I would write a quick blog on why now could be a good time to look at remortgaging.
If you’re on your lenders standard variable rate or your current deal is about to come to an end there are a number of compelling reasons why remortgaging could be a good option for you:
Interest rates available for mortgages are still very low. The interest rate your borrowing is on is what effects how much you pay each month and now could be a great time to take advantage of the low rates available. It still remains a case of when rather than if the Bank of England will start to increase interest rates. It could be a good idea to take advantage of the current low rates and fix to avoid the uncertainty of future rate rises.
The value of your home has hopefully increased. Anyone thinking of selling their home will have considered the effect the recent rise in house prices will have had on them, but it’s just as important for those of you who are planning on staying put. In simple terms as the value of your home increases so does the amount of equity you have in it, the more equity you have the lower the rate you will pay on your new mortgage. If you stay with your existing lender they may not take the current value of your home into account when offering you a new deal. By remortgaging to another lender they will send a valuer out and base their decision on its current value, not what you paid for it 2, 3 or 5 years ago.
It is possible to remortgage to a new lender without any fees being paid upfront or added to the loan, and some lenders even offer you cashback on completion. It’s a sad fact that many lenders offer the best rates to new customers rather than their existing customers but you can use this to your advantage by shopping around. Speak to a market mortgage advisor and they will be able to advise you on the best option for you.
However it isn’t right for everyone. If you are thinking of moving house in the near future then tying yourself in to a new lender may not make sense. There is one major disadvantage of remortgaging your home and that is incurring early payment charges – known as an Early Redemption Charge – for paying off your current mortgage. This is very typical if you have a fixed, capped, or discounted rate mortgage, so it is up to you to refer to your current mortgage terms and conditions to find out whether or not you will be charged for paying off the loan early. They are usually only applicable during the introductory period of your mortgage. A mortgage advisor can help you here.
If you’d like to get in touch to find out any more about re-mortgaging, moving home or what your options might be then please feel free to email me at [email protected] or call 07810108165. I’m still happy to offer my services to Mumblers without charging our usual broker fee and will come to meet you in your own home at a convenient time. So to find out what your options are won’t cost you a thing (except maybe a cup of tea and a biscuit.)
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Welcome to the Mumbler property page. We have created this page to provide Mumblers with relevant, up-to-date information about the local property market. From help on all aspects of buying a new home to advice on remortgaging your existing property or even renting a property in the town, you can read all about it here.
Your new Mumbler property team; Andrew, Stewart and Alison are always happy to answer any questions you have. Over the coming weeks and months they will be producing a series of short articles aimed at answering the most common property related questions.
If you have a question or query about any aspect of property then please email it to [email protected]. Any suggestions that are used will receive a box of chocolates or bottle of wine from the Mumbler property team.
Best wishes Stewart, Alison, Andrew Hill and Andrew Kempston- Parkes
T: 01423 789 111
M: 07791 505 116
E: Email Andrew Kempston-Parkes, MRICS
Andrew Kempston-Parkes is an experienced member of The Royal Institution of Chartered Surveyors (RICS), having worked as a Chartered Surveyor in the residential property industry for over 20 years.
Over the years, Andrew has worked with a large number of clients to help move their house purchases forward efficiently and with ease. Or, when properties haven't been quite up to scratch his vigilance has helped clients to make an informed decision on whether to proceed.
Harrogate has been his home for 20 years and he lives near the centre of town with his partner and their two children, Matthew and Sean.
Feel free to get in touch with Andrew if you have any questions regarding the types of home surveys available and which is right for you.
M: 07810 108 165
Stewart Amos is a mortgage advisor based in the centre of Harrogate. He advises on and arranges mortgages from a comprehensive range of mortgages from across the market for all sorts of clients. From those looking to take their first steps on the property ladder to those with a portfolio of investment properties. He also helps arrange the cover put in place to ensure families would be financially secure should the very worst happen; life insurance, critical illness cover etc.
Having been to see a large number of MUMblers over the past year he understands the importance a personalized service can make. He is happy to meet clients in their own home at a convenient time, unfortunately for him that's usually in the evenings after the kids have gone to bed!
As a thank you for all the kind recommendations on Mumbler, Stewart is happy to waive his usual broker fee to all members of the group. Mention that you're a Mumbler to qualify.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Barlow Barton LTD is an appointed representative of CAERUS Financial Limited.
T: 01423 817777
Alison lives in Harrogate with her husband and three daughters aged 7, 9 and 11 and has been actively involved in property management for the last 18 years. She has a wealth of practical and technical knowledge and since joining LentinSmith as a partner in 2009, has continued her professional development through ARLA and close links with landlord and property forums.
LentinSmith deals exclusively in Lettings and Property Management, taking the complexities out of the lettings process and providing a stress free experience for our clients. Operating from offices in Harrogate and Leeds we manage property throughout the Yorkshire region catering for all types of properties and all types of tenants.
We pride ourselves in remaining proactive in a constantly changing market, and delivering a personal service to ensure we remain one of the fastest growing, most innovative agents in the North.
We are always on hand to offer advice and help, so call Alison or one of the team today for a chat quoting 'Mumbler' to qualify for a free Gas safety check on all new properties introduced to LentinSmith.
