Now is the perfect time to change to a mortgage lender that offers a better deal. Mortgage holders that are not currently in a fixed term are free to move their mortgage to another bank or building society.
Switching to a lender that offers a more favourable rate, such as Leeds Building Society, can save a homeowner a lot of money every month. During the process of remortgaging, a homeowner can choose to raise extra money by increasing their mortgage. They may wish to do this for a number of reasons – from paying for a wedding to doing up the kitchen or bathroom.
Remortgaging in this way could also raise funds that can go towards the cost of building an extension. This could be a cheaper and less stressful option than moving house to a larger home.
Alternatively, a customer may choose to remortgage and increase their mortgage to move to a bigger home. If their family has outgrown their current house, then it may be time to upsize to somewhere new and if their mortgage payments are going to go up, it is important to obtain the best rate available to keep costs as low as possible.
With so much choice of mortgage products on offer, it can be difficult for a homeowner to decide which mortgage is the right one for them. Anyone thinking about remortgaging should take a look at the products that are available and investigate which one suits their situation the best. Whether it is choosing the security of a five-year, fixed-rate mortgage or the freedom of a mortgage with lower repayment charges, there are many factors to consider.
It can be wise to seek professional advice. Customers can speak to an independent mortgage broker or seek guidance from an advisor at their chosen building society or bank.
Once a customer who wishes to remortgage has selected the correct product for them, they can begin the application process. The building society or bank will investigate the applicants’ financial affairs and come to a decision swiftly and efficiently. If the remortgage application is successful, then very soon the homeowner will be able to benefit from the new mortgage rates.