When it comes to switching your mortgage provider, as Belfast Mortgage Advisors will readily tell you, it isn’t the right choice for everyone, and a lot will depend on your circumstances. For some, however, re-mortgaging could save them money, in fact, research from the Central Bank of Ireland suggests that as many as 21% of borrowers could make financial savings by switching their mortgage.
If you’re thinking of re-mortgaging to try and save money, here is some expert guidance from Belfast Mortgage Advisors:
Don’t be afraid to shop around
So many of us don’t hesitate to shop around when it comes to groceries or car insurance, for example, but we’re a little more reluctant to do so when it comes to bigger financial commitments. However, while we might be comfortable with using online comparison sites to purchase insurance, this typically saves us less than £ 100, whereas re-mortgaging could save you much, much more.
Did you know that re-mortgaging is a quicker process than getting a new mortgage?
While you might think that switching mortgages is a longwinded process, according to Belfast Mortgage Advisors, you might be surprised at just how quickly you can get it done. In fact, a switch can be completed in as little as a month, provided all of the relevant paperwork is made available and in a timely fashion.
According to re-mortgaging experts, the switch can happen as quickly as the customer wants it to, although such things as retrieving the deeds from the previous lender (something which a solicitor will be responsible for), can delay proceedings.
Should you switch?
According to Belfast Mortgage Advisors, if you’ve got a long term mortgage that is still outstanding, you stand to benefit the most from re-mortgaging, once the interest and capital repayments have been accounted for.
Those who could make potentially the biggest savings, are those with a mortgage on a standard variable rate, and with an average term of 10 years left on their mortgage. By moving to a lower rate, a borrower could save a lot of money in interest payments.
Re-mortgaging is unlikely, however, to benefit those on a tracker mortgage, as switching their mortgage will mean that they lose their tracker rate, those with a current fixed rate mortgage should first check to see if there is a fixed rate breakage penalty if they switch.
To find out if switching could save you money, schedule a consultation with Belfast Mortgage Advisors, who will give you unbiased advice according to your unique circumstances.
To find out whether re-mortgaging could help save you money and give you more to spend on other things, schedule a consultation with the friendly and knowledgeable experts at Belfast Mortgage Advisors.