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Changing your mortgage could save you thousands of pounds
Click here to use our calculator...
With the credit crunch and International instability now firmly in place it would appear that the best mortgage deals are for people with larger amounts of equity/deposit in place. Whereas, previously the better deals could be obtained if you had at least 25% of the value of your home in either equity or deposit if you are buying, you will now only be able to obtain these with a margin of 40%. Given the current low interest rates, Tracker (mortgage rates that track the Bank of England base rate) rates would seemingly be very attractive, also some people coming to an end of their fixed rate deals have left their mortgages to continue to run on the standard variable rate available from their existing lenders rather than seeking additional fixed rate deals.
A question that we would ask you to consider is what will you do if there is a sudden turn in interest rates and they start to rise? Could you afford your mortgage if you were having to pay an interest rate considerably higher than it currently is? Yes of course you could always revert your mortgage to a fixed rate, but what rate are you likely to obtain if this were the case, why not Click here to see the difference in the cost of your mortgage at higher rates.This may help you decide if now might be a good time to review your mortgage arrangements and obtain a good fixed rate deal. As a member of Sesame Limited we are usually able to obtain exclusive deals on your behalf which would potentially save you a lot of money over your chosen mortgage term, contact us for more details...
We can offer you a choice between fee or commission or a mixture of both.
Remortgaging simply means changing your
mortgage deal, and usually your lender too, so as to improve your
mortgage agreement. We offer a "Full advice and recommendation service" in all cases. This way you can be sure that you are making an informed decision, based on the advice you have received. Having discussed your requirements we will research the whole market using independent software to find you a suitable product.
Spoilt for choice
If rising interest rates are a concern to you then you could consider a fixed or capped rate, this will ensure that you can budget for a known amount each month safe in the knowledge that potential interest rate fluctuations will not affect you in your deal period. Alternatively a discounted rate may be suitable if you think you can take advantage of potential
falling interest rates.
Cash-backs offer you a lump sum if you need
some extra cash. Or you could plump for a tracker mortgage where the
rate you pay is linked to the Bank of England base rate.
Flexible mortgages...
If you usually have capital on deposit or regularly receive bonuses you might wish to consider
the increasingly popular flexible mortgage, which offers you the
facility to make regular or lump-sum overpayments, take a payment
holiday, cut your repayments, reduce your repayment term and so on.
No move, no hassle
You will probably have to pay an arrangement fee to a new lender,
plus solicitors' fees and a survey fee. You should also take into
account any Early Repayment Charges that could still be outstanding and
payable to your existing lender. The good news is that you don't
have to go through the hassle of moving home in order to change your
mortgage to a cheaper rate.
Do your sums !
How do you choose which scheme to remortgage to? The answer is
purely a mathematical one - you have to do your sums to see whether
you would be better off elsewhere rather than with the deal you
currently have. You might even find that your decision to remortgage
will prompt your existing lender to offer you a better deal.
Your Home may be repossessed if you do not keep up repayments on your
mortgage
You can
choose how we are paid: pay a fee, usually 0.5% of the loan amount, or
we can accept commission from the lender. Minimum remuneration £500
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