Ready to remortgage? Is the introductory rate on your mortgage coming to an end?
If it’s already expired, you should look at remortgaging to a better deal as soon as possible – you may be paying a lot more than you need to!
Moving to a new deal at the end of your introductory period can save you £100s per month.
The introductory period is the low rate offered by mortgage lenders to entice you in, normally this is 2 or 5 years – also known as the fixed rate period, as the rate is fixed for that length of time.
After this, your mortgage will automatically move to the standard variable rate (SVR), which is likely to be double the introductory rate (Bank of England, 2020). That means your monthly payments could double as well.
The best place to remortgage
Believe it or not, the best place to remortgage is from home! Oh you meant where to remortgage? Online! Using an online mortgage broker.
Gone are the days (mostly) when you would meet a mortgage adviser face-to-face, taking a day off work or using an evening of your family time being sold a mortgage from their limited range and filling out countless forms by hand.
The industry then moved to phone-based services, which are better, and eventually to online services.
You may also be tempted to walk into a high street bank. Do not do this! They will only offer you their mortgage products. To save the most money on your mortgage you need to be able to search the whole market – which is what some mortgage brokers can do.
If you are reading this now, you can easily use an online mortgage broker.
We recommend them because they top the list of our criteria for what makes a mortgage broker good, as they:
Search the whole market
The only way to find the best deal is to search every deal.
Are free to use
Mortgage brokers get paid commission by the lenders, but some also charge you – typically face-to-face brokers. If your remortgage is straightforward it may not be worth this fee.
Everything can be handled online, from chatting to the broker, to uploading documents. It makes remortgaging much easier and faster. No more sending things in the post!
How to remortgage online
So all you need to do now is choose which online mortgage broker. Our top rated mortgage brokers are here.
Once you’re happy, there’s an online form to fill out about your personal circumstances and current mortgage – this should only take about 15 minutes, and no credit checks at this point.
Then it’s over to them to find your best remortgage deal and apply for the deal on your behalf.
It’s super easy and you could be saving £100s in the process.