Renewing Your Mortgage
In a nutshell, you have two options; stay with your current mortgage provider or move elsewhere. Your current lender will usually provide you with what rates they have on offer and it can be tempting to follow the path of least resistance and pick a new deal by clicking a few buttons online.
Whilst this is pretty easy to do, it isn’t always the best option and could cost you a lot of money over the coming years by not looking at alternative lenders – they aren’t all the same!
Even if you do stay with your existing lender, how do you know which mortgage option is the best one? Unfortunately, some people just slip into default mode and take out whatever they had last time without taking advice, which can have negative repercussions in the coming years. Without property advice, it’s pretty much like deciding the best deal on the flip of a coin.
We get it, renewing your mortgage isn’t the most exciting thing you’re going to do this year! On top of this, you can feel bamboozled by all the different jargon, options, fees and so on. And let’s face it, who has the time these days? Especially if you have a family. Juggling work with the demands of being a mum or dad takes a lot of your time (and energy). By the time you’ve got in from work, driven the children to football practice, swimming lessons, after school clubs, helped with homework, made the tea and got them to bed, the last thing you want to do is start researching mortgage options!
So, rather than blindly clicking the mouse and hoping for the best, get in touch with us and we’ll do the research for you. Well find out not only what’s on offer from lots of lenders, but also which type of mortgage would be the most suitable for you based on your own circumstances today (rather than what was suitable several years ago).
Look at it this way, if your TV breaks and you’re looking at buying a nice new one for the living room, would you just nip into Currys and get the same one as last time? If you’re like most people, you’ll probably spend many hours researching different types of models from various manufacturers. You’ll want to know if the display type, screen size, picture quality and functionality fit your family’s needs. Finally, when you’ve decided on the spec, you’ll want the best price.
So if we put all this energy and spend many hours/ days making sure we have the right TV at the right price, why would we only take 20 minutes to pick a mortgage? A TV would usually cost hundreds of pounds but a mortgage can be hundreds of thousands of pounds! At best, you may save a few hundred pounds on your telly but we’ve saved people thousands of pounds by doing the research for them on their mortgage.
At the very least, if it turns out that the best option is to stay with your current lender, we’ll let you know, and you’re no worse off, but at least you’ll have the peace of mind that you did the right thing.