All too often we hear of clients or friends and family who spend far too long paying far too much to their lender whilst sat on the Standard Variable Rate (or SVR for short). This is often significantly higher than a fixed or tracker rate could offer so it’s important to explore your options before taking the easy decision of “just staying put”.
The team at LionHart will always consider the option of “remortgaging” vs completing a “rate switch” or “product transfer” (securing a new deal with your existing lender before making a recommendation, factoring in that a switch/transfer can be cheaper, quicker and easier in some scenario’s). We’ll also always let you know your available budget just in case you wish to consider moving before starting a new contract period.
Over recent years changing your existing mortgage has become substantially easier, with lenders often offering to pay for services such as standard legal fees and valuations, or offering cashback in place. With minimal legal work involved it is normally a far more straight forward and less stressful process than physically moving home, so don’t delay, contact us today to see if it is worth exploring.
Remortgaging is also a good time to consider options to consolidate existing debts into your mortgage, raise capital for those long standing home improvement plans or buy to let investment as well as to whether you wish to amend the terms of your mortgage or make lump sum overpayments. It’s often as easy as supplying your mortgage account number to get the conversation started either way.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £495.
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