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Looking to review your current mortgage and see if you could get better deal or save money? What should be your first move? Here are four crucial things to remember:
Check out your current mortgage
Before you start the remortgage process, check your latest mortgage statement to find your balance, monthly repayment and current interest rate. Start looking 3 to 6 months before your current deal ends.
Don’t leave it too late
It’s important to try and secure a new mortgage deal before your current one comes to an end. If you don’t, your lender could move you to their standard variable rate which could cost you more money.
Consider the costs
A remortgage can incur various costs, including exit fees from your current lender, legal (conveyancing fees) and arrangement and valuation fees for the new mortgage.
Review your personal circumstances
As part of the remortgage process, think about whether your personal circumstances and financial commitments have changed since you last took out a mortgage.
Finding the right mortgage can be time-consuming and confusing. Whether you’re a looking to take advantage of a Government initiative like Help to Buy, or a seasoned property pro, our team of expert advisors will work hard to get you a great deal.
Our local clinics are run regularly throughout the year and are free to attend, giving you the opportunity to discuss your mortgage needs with an independent and impartial advisor. Find your nearest one here.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Police Mutual provides free mortgage advice and receives a commission from the mortgage lender which we use to fund this service.
* Winner of "Best National Broker" at the NatWest Intermediary Solutions Local Hero Mortgage Awards
Mortgage advice services are provided by Mortgage Excellence Plc, trading as Police Mutual. More information is available on our legal page.