Sticking with your current lender could cost you more money
The choice of mortgage products on the market has grown to more than double the level seen in the aftermath of the mini-budget last autumn, according to a financial information website. Moneyfacts counted 5,264 options available in May 2023, marking the highest total since February 2022, when 5,356 mortgage products were on the market.
Waiting until your current deal ends before remortgaging Whether you have taken out a fixed-rate, tracker or discount mortgage, your lender is likely to automatically switch you to their standard variable-rate at the end of your introductory deal, which for most people tends to be two to five years.
Not asking how your broker is getting paid Using a mortgage broker to help you should make it much easier to find the best deal, but you should always ask them how they are getting paid. Top Money Stories Today Remaining loyal to your existing lender For many people it can be tempting to stick with their current lender, especially if they have been with them for years and they trust them.
Switching to a different lender can also be beneficial if you believe your home has significantly increased in value since you took out your original mortgage. If your home is worth more than before, this can lower your Loan To Value , which is the ratio of the outstanding mortgage compared to your home’s current market value. A lower percentage LTV can result in lenders offering you lower rates of interest on your monthly repayments when it comes to remortgaging.
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