Money Saving Mortgage Experts

PUBLISHED: 8 February 2021
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Are you looking to save as much money on your mortgage as possible? We can help you do that. If you already have a mortgage we can help you to look at a number of different lenders from across the market to compare products to ensure you have the best remortgage product that suits your individual circumstances. We will check to see how much you can remortgage for, and assist with the process from enquiry to completion, we can ensure the transaction is smooth and hassle-free.

According to a survey carried out, 31% of people who rent or have a mortgage find that payments take up more than a third of their total household income. Even if your mortgage payments are below this level, if they are a significant part of your budget then getting the best possible deal could be a significant boost to the family finance and ultimately to your personal wealth. Much like any other business, mortgage lenders need to be on the lookout for new customers. To attract them, lenders may offer very attractive rates for a limited period. These are often called introductory rates, in the UK these rates last around 2 to 5 years. After this period you will be put onto the SVR which is the standard variable rate of the lender. At this point, borrowers have three different options staying on the SVR, Remortgage with the current lender or remortgage with a new lender.

Although there is the potential to make healthy savings by remortgaging, it is also worth remembering that there are costs involved. As you are essentially taking out a new mortgage, you will be looking at paying the same sort of fees as you did when you first brought your house. Specifically, your house will need to be properly revalued and there will be legal paperwork to be processed. It is also entirely possible that your current lender will charge an exit fee, this is to close off your mortgage with them, there also may be an early repayment charge. This is basically a fee to compensate the lender for your decision to exit the mortgage early. Staying on the SVR makes sense if the cost of setting up the new mortgage outweighs the savings. If you are thinking about remortgaging the basic, golden rule is to add up all the costs and look at the savings on offer. Then see which is the higher number.

Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone including first-time buyer mortgages, self-employed mortgages and many more! Are you fed up with high-pressured sales tactics of the large corporates? Barrett Mortgages was set up by Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy and upfront service offered by Barrett Mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help.  All our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from clients.

If you are looking at trying to save some money on your mortgage please make sure you get in contact with us.