Nearly half of all mortgage applications are for remortgages. If you are considering remortgaging your home loan, here are some things you can do to get ready:
1. Check the current interest rates.
Traditional wisdom says you should remortgage your home if the interest rate drops at least two percentage points lower than your current interest rate.
However, if the current interest rate is only 1% or 1.5% less than your current interest rate, you can still save money over the term of your mortgage. You want your interest rate to go down by at least 5/8%, or you won’t save enough money to be worth the cost of remortgaging.
2. Consider how long you plan to stay in your home.
The interest rate is not the only factor you should consider when deciding whether go for a remortgage.
You also need to keep in mind is how long you plan to stay in your home. You need to stay put long enough to recover the costs of remortgaging.
If your new interest rate is 1.5% less than your current interest rate, you generally need to stay in your home more than three years to make the remortgage worth the fees.
3. Check your credit...
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