Have you been stuck on the same mortgage rate ever since you’ve bought your property? Do you feel like you should be able to access a better deal? If so, it may be time to spring clean your finances and get a mortgage review.
A mortgage review is simply a look-over of your current mortgage product to see whether you can access a better deal or not.
When requesting a mortgage review, your Mortgage Advisor in Sheffield will take a look at your current mortgage deal, looking at your rate of interest, monthly payments, etc. They will then compare this to new products available on the market and see whether they are better suited to your personal and financial situation.
Spring cleaning your finances and getting a mortgage review could allow you to access highly competitive mortgage rates. If you’ve been meeting your mortgage payments and maintaining a good credit score, you may be eligible to get a better mortgage deal.
Getting your mortgage reviewed and then switching to a new lender is called a Remortgage. When there are that many different deals coming to and from the mortgage market, it may be a good idea to consider Remortgaging in Sheffield.
When applying for a mortgage review, you must know that it’s no guarantee that you’ll be able to receive a better mortgage deal elsewhere. If we can’t find a better mortgage product, we will be open and honest with you and recommend that your current deal is still the best choice for you.
There are lots of different ways to get your mortgage reviewed in Sheffield. As a Mortgage Broker in Sheffield, of course, we would recommend taking up our free mortgage review offer. As part of our mortgage review process, we will search through 1000’s of mortgage deals, in order to try and find the right one for you. If we manage to find you a great deal that is well-suited to your individual circumstances and you’re happy to proceed, we will then start the documentation process and submit your new mortgage application.
There are various comparison sites out there that you can utilise to search for mortgage deals. However, in some instances, these sites will only compare rates of interest without taking into account other costs that could come with getting a new mortgage, such as product set-up fees and early repayment charges, etc. Furthermore, by using a Mortgage Broker in Sheffield like us, you will benefit from consumer protection.
You can also choose to go directly to your current mortgage lender. When getting a mortgage review and looking for Remortgage Advice in Sheffield, choosing this option may not always benefit your situation. The reason for this is that lenders will only have their own in-house products to offer, they will not be able to access deals elsewhere. Lenders can also sometimes have long waiting lists, which is no good when you want to switch deals sooner rather than later. A Mortgage Broker in Sheffield like us will be able to get you booked in for a free remortgage consultation within 24 hours of your initial enquiry.
When you are tied into a mortgage deal and still want to remortgage, you may find you have to pay a fee to switch deals. An early repayment charge (ERC) is a fee that you’ll have to pay if you pay off a loan too early, or switch mortgage products mid-way through a fixed period.
Our Mortgage Advisors in Sheffield will take into account any early repayment charges when assessing the financial benefit of applying for a remortgage.
If you’ve finished your mortgage term and end up falling onto your lender’s standard variable rate of interest (SVR), it’s unlikely that there’ll be any ERC to pay. You should always know when your mortgage initial fixed period is due to finish, a lender’s SVR is likely to be higher than your fixed rate of interest, as SVR tracks The Bank of England’s base rate plus their own percentage.
As a Mortgage Broker in Sheffield with many experienced remortgage experts on our team, we strongly advise that you take advantage of a free mortgage review. Generally, a mortgage is your biggest financial commitment, with this in mind, it’s always best to find out whether there are some sizable savings to be made.
Now that you know how a mortgage review works and how having one could benefit you financially, you should get in touch with our team. We are available from early until late, 7 days a week – contact us at a time that best suits you! There has never been a better time to spring clean your finances in Sheffield.
We can’t wait to hear from you and help you get through your remortgage.