Sticking with the same mortgage lender for the term of your mortgage no longer applies to the majority of borrowers. Traditionally you may have taken out a mortgage and stayed put for the entirety of the mortgage term however in recent times more and more borrowers have realised that this may not make financial sense. Not being proactive in shopping around could mean paying over the odds for the biggest financial commitment of most peoples lives.
Many borrowers are put off the idea of switching mortgages by looking back to the time when they first bought their home the seemingly endless saga of loan application and approval, legal work, packing and moving.
Securing a remortgage is in comparison a simple process it wont generally involve the amount of paperwork, pressure and stress, no gazumping or gazundering either. In many cases it simply means transferring your loan to a new lender for a more favourable rate of interest.
The Pros
Remortgaging will in most cases mean reducing your monthly repayments. It can also be a good opportunity to review your finances as you may decide to pay off some of the capital or you could even raise some extra...
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