Reasons why you should remortgage
It’s a question I hear often. Why should I remortgage? People who haven’t reviewed their mortgage in years wonder what the benefit of doing so is. Let’s start with the headline-grabbing answer for reasons why you should remortgage: It saves an average of £216 PER MONTH!
Not long ago, people used to get one mortgage and stick with it for years, regardless of the rate. Now, one out of three Britons chooses to remortgage. That still leaves two-thirds of people who choose not to remortgage.
Unlike the times when people used to stick with one mortgage during their lifetime, society is more dynamic today. People are changing jobs more often and moving from one city to another more frequently.
Estate agency boards - Image taken (with thanks) from: https://www.flickr.com/photos/blech/
Circumstances often change for mortgage payers today. This means that mortgage circumstance change, too.
Remortgaging can be a wise financial decision, but it all depends on the particular circumstances.
Research from L&C Mortgages discovered that 30 percent (or 3.4 million households) do not know their current interest rate of their mortgage. The same research article goes on to state that a further 1.1 million households are wasting £2.78bn by sitting on the wrong mortgage deal.
Normally, the main reason why anyone would want to adapt his or her mortgage concerns finances. Anyone would want to save money on the monthly mortgage rate.
Looking for a better deal on an existing loan is often a priority for anyone who is taking remortgaging into consideration.
A better deal means cheaper interest rates, i.e., monthly saved money. Remortgaging could mean obtaining a better rate, especially if it was a mortgage that you took out some time ago.
How much money will a remortgage save you?
By switching to a better deal, UK homeowners could save an average £216 each month on their mortgage or over £2,500 annually.
However, surprisingly over half (58%) have never re-mortgaged to save money.
In addition to getting a better interest rate from a new mortgage, another reason why one might consider remortgaging is the fear of rates going up.
If you are one of the 3.4 million households that haven’t reviewed their mortgage in recent years, you should be aware that not only are you likely to be paying a higher rate on your mortgage than you need to, but that if the Bank of England raises their rate, your mortgage payments are likely to go up.
To put that into perspective, the Bank of England’s base rate is at the lowest it has ever been.
One last reason that is worth noting on why anyone would consider remortgaging concerns property value increase.
If property value has risen quickly since the mortgage was taken, then the loan-to-value band is certainly lower. This means that the person remortgaging is eligible for much lower rates.
The UK’s largest mortgage broker
So if you’re looking to save money or if you simply haven’t reviewed your mortgage in a while, think about contacting Dan The Mortgage Man to see what he can offer.
You can even ask for a Mortgage Consultant to come and visit you in the comfort of your own home.
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by DannyUK
Reasons why you should remortgage. Image taken with thanks from https://www.flickr.com/photos/59937401@N07/5474464467/
I don’t have any mortgages.
I’m a boring oldie who had one mortgage and we’ve paid it off now – which feels great!
Great post. I’m always conscious of making sure I have the best interest rate and remortgaging to get it
Great post. Used to have a mortgage but find it better to rent now.
Yes, I do have a mortgage. I am currently looking into it. It is a great if you can get a lower interest rate and save money.
Twitter: kaylzakamummy2
on August 20, 2017 at 3:53 pm
I don’t have a mortgage, I’d love one but need to b build my credit rating first.
Twitter: purplepansyem
on August 20, 2017 at 8:02 pm
Unfortunately, I had my flat re-possessed so I now live in rented accommodation.
Twitter: DamontamerEmiya
on August 22, 2017 at 11:24 pm
Money should keep flowing.
My mortgage is all paid off. Took 30 years.
Twitter: robbyprice55
on August 23, 2017 at 9:37 am
Interesting item, food for thought
I’ve not heard of them before but very useful as we are looking at a mortgage soon
Twitter: ayoubdelmundo
on August 24, 2017 at 12:21 pm
I don’t have any mortgages
Twitter: biddle35a
on August 24, 2017 at 2:55 pm
Not got a mortgage but looking to get one soon
Twitter: margare42282639
on August 24, 2017 at 8:51 pm
Sounds GREAT
Will look into this further
Looks great will look in to this in the future
I don’t have a mortgage at the moment but want to get on the property ladder soon!
I don’t have a mortgage and being self employed I can’t see us having one.
No mortgage here, we rent privately which is so expensive that we cant afford to get a deposit together to buy. Its daft as monthly mortgage payments would be less than we are paying in rent.
Twitter: antheajholloway
on August 26, 2017 at 6:05 pm
Very interesting but I don’t have a mortgage at the present time.
I will definitely be looking into this! Thanks for the heads up!
I have a mortgage with Halifax they are great
Twitter: melaspurt
on August 26, 2017 at 11:47 pm
Interesting article, but I don’t currently have a mortgage.
Have had a mortgage bit it is now paid off
I don’t have a mortgage but most of my friends do and they seem to speak about it a LOT lol
Twitter: Vickypinkxx
on August 27, 2017 at 1:27 pm
Very interesting article! I had no idea
I have never actually heard of Countrywide Mortgages. I may speak to them regarding a Self-Build Mortgage.
Twitter: tazandtommy
on August 27, 2017 at 10:25 pm
Yes, I do have a mortgage. I am currently looking into it. It is a great if you can get a lower interest rate and save money.
Twitter: JaneGorton
on August 27, 2017 at 11:07 pm
Great post. We do have a mortgage and looking to change soon.
Twitter: versatileer
on August 27, 2017 at 11:13 pm
I have a mortgage, and re-financing would be a great asset. I thank you for the tips and pointers on reevaluating the situation.
Hope I never need a first mortgage, let alone a re-mortgage.
No mortgage at present.
Twitter: Suzm33
on September 10, 2017 at 9:54 am
Something I will seriously consider in the near future, never really thought much about my mortgage, this is a real eye opener!
I’ve never had a mortgage. Houses are so over-priced now and overdue a massive correction. Sadly the time to best make money in buy to let has gone too.
David Williams recently posted…Southbank singing lift – video
Twitter: tracyknixon
on September 10, 2017 at 11:08 am
I rent privately so no morgage for me x
I don’t have a mortgage but good article. Had a mortgage previously but found renting better for us (cheaper).
Twitter: NikkiHayes1969
on September 10, 2017 at 3:27 pm
We have never had a mortgage and do not want one – we prefer renting, especially as we are council tenants which is almost as good as owning our own home. I’ve never heard of this particular mortgage company before.
Twitter: williamsgwynfa
on September 10, 2017 at 4:07 pm
I hope that we do not have to re-mortgage as ours is nearly paid off 😀
Twitter: Isis1981uk
on September 10, 2017 at 4:49 pm
Yes, we’ve had 2 fixed-term mortgages (3 years & 5 years) and are on the first year of another 5 yr fixed. Each time we’ve remortgaged we’ve saved ourselves so much money – from almost £1000 pm to £570 pm, plus knocked one year off the term!
Twitter: tnatwo1961
on September 10, 2017 at 5:08 pm
never had a mortgage and too late now
Twitter: KleineTigerVK
on September 10, 2017 at 5:51 pm
I live in a council house so don’t have a mortgage.
I no longer have a mortgage
We recently changed our mortgage because our fixed rate deal had expired. We’ve got a new 5 year fixed rate now. It’s more expensive but I like knowing exactly what the monthly payments will be for the next 5 years.
Twitter: tinsley888
on September 10, 2017 at 10:33 pm
I currently have 2 mortgages for 1 property as we upgraded and for some reason they said it was cheaper to just keep the 1 and add another for the additional amount. I have fixed part of it for 5 yrs and the rest is currently the standard, but it is the cheapest option
I have a mortgage and if I had much left on it I would remortgage but it will be paid off by March next year…
My mortgage is all paid off. It took us 15 years.
Twitter: LisbyBrown
on September 11, 2017 at 9:52 am
My mortgage is paid off best thing we ever did.
Twitter: purplepansyem
on September 11, 2017 at 8:58 pm
I’ve never had a mortgage.
Twitter: ruth120067
on September 12, 2017 at 9:56 am
I’ve never had a mortgage, I have lifelong tenancy in council x
Mortgage is all paid off. It was a very satisfying moment.
Twitter: MrRichTea
on September 12, 2017 at 3:54 pm
I’d love a mortage, need a deposit 1st!
Twitter: boredknitter
on September 13, 2017 at 8:59 am
I have a mortgage but luckily I have such a low rate no one would be able to match it.
I have a mortgage but can’t remortgage yet unfortunately.
Twitter: squid_102
on September 13, 2017 at 3:35 pm
It’s a wonderful feeling paying off your mortgage, which we did.
Twitter: laralalibela
on September 14, 2017 at 6:31 am
We were with first direct and they were great! We had an offset mortgage
Twitter: manda78tanner
on September 14, 2017 at 10:52 pm
Don’t have one and never want one
Twitter: xcardiffbirdx
on September 30, 2017 at 11:40 pm
No, Ive never had a mortgage. The thought of a 25+ year debt hanging over my head and potentially losing my home terrifies me if I’m honest. My parents mortgage is paid off thankfully, they’re good to retire and relax now.
I don’t have a mortgage.
Twitter: russellsaraha48
on October 1, 2017 at 1:40 pm
We will be looking to get a mortgage very soon!. Never heard of countrywise mortgages at the minute but guessing l will once we start investigating mortgages.
Twitter: ljs217stebbings
on October 1, 2017 at 3:26 pm
I don’t have a mortgage. For the moment I’m glad although renting does feel like you’re paying out with nothing to show for it in the end.
I don’t have any mortgage as my wages are not as good yet, but in the future, I would love to have my own home, so will need to take a mortgage. 🙂
Twitter: contestfamily19
on October 1, 2017 at 7:12 pm
I would definitely consider this in the future, thank you for sharing
I don’t have one at present and would prefer to buy a house outright when the time is right.
Twitter: emmeey
on October 1, 2017 at 9:07 pm
I live at home with my parents still, so no mortgage for myself yet
I have paid off my mortgage!
Twitter: happyhippochica
on October 1, 2017 at 9:43 pm
I don’t have a mortgage but I am hoping to buy in the next 12 months. I know the whole process can be quite daunting so have been doing lots of research in advance.
Ooh no, paying off the mortgage was such a weight off our shoulders.
Twitter: biddle35a
on October 2, 2017 at 10:50 am
Me and my wife dont have a mortgage we rent at the minute but are looking to get a mortgage in the near future
I don’t have a mortgage, I am a council tenant.
Twitter: paulajane1969
on October 2, 2017 at 11:28 am
We have a mortgage with only two years left yay
Twitter: antheajholloway
on October 2, 2017 at 2:23 pm
I don’t have a mortgage but did in the past. I think, if you choose carefully, a mortgage is a good way of saving up.
Twitter: clairemarysen
on October 2, 2017 at 3:23 pm
I’ll be hopefully getting my first mortgage soon and feel quite overwhelmed with what type, who from, what’s best for us, etc. This post has helped. Thank you!
Twitter: Mumsylissa
on October 2, 2017 at 10:10 pm
I don’t have a mortgage