If it has been a while since you first took out your mortgage, your knowledge of lenders in the market place and their reputations may be a little dusty. So how do you know who to use to take out your remortgage? In this guide we explain how to find the best lender to suit your needs.
Use a Mortgage Broker: A great way to begin your search is by using a mortgage broker. Brokers are professionally qualified and have an excellent knowledge of the mortgage market and the various products that are available. Many brokers also have access to exclusive products which are not generally available on the High Street.
The internet is a great place to look too, as you can find information on the rates that all the lenders are offering on various mortgage and remortgage products so you will have a much better idea of what kind of rates you should be looking for.
Use the Services of a Mortgage Adviser: Using a mortgage adviser can help to speed up the process of looking for a new mortgage lender when considering a remortgage, as they have expertise in the mortgage markets as well as access to software to help choose lenders and products. Their services are extremely valuable when selecting a mortgage lender, as they will also have feedback regarding lenders from other clients.
Do Your Own Research: Don’t rely too heavily on the advice of professionals, make sure you have your own opinions on what to do. Discuss with family and friends who have recently had a remortgage. This is particularly important when it comes to recommendations of lenders who claim to offer a good service. Make sure your research isn’t just anecdotal; you need to examine facts and figures too to make sure you get a good lender.
One way to research lenders is to head online and use a comparison site to look at the various remortgage deals on offer. Online finance forums also share people’s experiences with certain lenders including rates and the service they received as part of the remortgage process.
Get Remortgage Quotes From Lenders: If you do decide to go it alone, make sure that get quotes from the lenders that you prefer so that you can compare the figures. It’s no use just looking at the interest rates, you need to take into account all fees and the quotes allow you to do this. Check out the total cost of the mortgage to get a better idea of who is the most competitive.
Think About What Mortgage You Would Like: Judging by the type of mortgage that you might prefer, you might be more restricted in your options as far as potential lenders are concerned. For example, if you are looking for a 10 year fixed rate, some mortgage lenders might not offer this specific product, or at least not at a rate that appeals to you.
For more complex cases, it may actually be the product that drives the lender you end up placing your remortgage with, so it’s important that you know the lenders’ specialities.
There are multiple considerations with remortgaging to be mindful of, so make ensure that you don’t act too quickly or find yourself being rushed into making a decision. Do lots of research, talk to a broker or someone qualified to comment on remortgaging if you need to and only make a decision when you are completely confident it is the best deal for you.
James writes for Just Remortgages one of the UK’s top sites for the latest remortgage rates and remortgage deals
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