Poor Credit Remortgages Bank
How To Remortgage part 2
Once you have all the information above to hand, follow our pointers to finding a better deal.
· Check out the various mortgage Best Buys sections of the various online financial websites to get a feel for how much you could save
· Take a look at fees to get a true feel for how much you will be paying (the better the deal, typically the higher the fees)
· Compare the monthly costs. Many of the personal finance websites have this information displayed within their mortgage search facility, or contact several lenders and ask for a quote. Make sure you compare these figures on a like for basis with your current mortgage. For example, if you have 20 years left to run on your mortgage, get a quote based on this period and not 25 years!
· Do your maths! Add up the costs that your current lender will charge for moving your mortgage and all those associated with a new mortgage.
· Now work out how much you will save every month by switching lenders. See if you can ‘cover’ the expenses within the difference between the mortgage repayments within a year. If you can, after a year, you’ll effectively be in the money!
. As an example, say it costs you £500 to move your mortgage from your current lender and £500 in fees for your new mortgage. This equals £1000.
. If your current monthly repayment is £500 a month and your new repayment will be £350, that means that within just over six months, you’ll have ‘saved’ the fees. Thereafter, you’ll be saving £150 a month!
· Now go back to your current lender and see if they will give you a better deal. They will want to keep your business so may well be flexible. This will also save you money on fees, too. If they say ‘no’, then go and get a new mortgage with someone else!
Hopefully these pointers will help you pay less on your mortgage repayments. And if you are really clever, why not put away the difference in mortgage repayments in to a high interest bearing account.
This money set aside means that you can build up a lump sum which you can then use to pay off your mortgage earlier!
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