YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS

ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

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McCoy Mortgages does not charge a fee for a residential mortgage or protection insurance advice and applications. Other charges by lenders or insurance providers may apply. Please ask for a personalised illustration. McCoy Mortgages is a trading style of Keith McCoy Associates Limited. Keith McCoy Associates Limited is authorised and regulated by the Financial Conduct Authority, FCA number: 450724. Registered office: Unit 77 Cariocca Business Park, Sawley Road, Manchester M40 8BB. 

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Why You Should Consider Switching to a Better Rate or Remortgaging

If you are out of any fixed, tracker or discount tie-in period it could be easier than you think to save money by switching to a better mortgage product or remortgaging to another lender.

 

  • You could benefit from a lower interest rate and save money

  • You could shorten the term of your mortgage without increasing your payments

 

As your mortgage is probably your biggest financial commitment it makes sense to know you’re benefitting from the best rates available.

 

 

Consider if one or more of the following apply to you:

Your current mortgage deal is finishing

Many mortgages, such as fixed rate, tracker or discount mortgages will only last for a limited period, often between two and five years. More often than not, when this initial deal comes to an end your mortgage lender will move you onto their standard variable rate which is often less attractive. If this is the case, it’s a great time to look at remortgaging and switching to a new lender – one offering more attractive terms.

 

You want to make savings

Saving money on mortgage payments is why most people remortgage. Moving on to a better deal could reduce the interest rate and monthly payments. The exact amount you save will vary from person to person, but switching could mean hundreds of pounds over a year saved. You must weigh up the potential savings against any fees payable, but fee free remortgage are available so it’s worth looking into if you have no early repayment charge on your current mortgage.

 

You want better mortgage terms

While your mortgage may have been ideal when you first signed up, things change, and you may feel that your current terms don’t suit your situation anymore. Maybe you’ve inherited some money or have been promoted and received a pay rise. You may want to use this cash to make extra payments but aren’t allowed to on your current deal. 

 

Or maybe your financial future is uncertain, and you need the ability to miss the odd payment without being penalised. Whatever the reason, remortgaging could be the way to another deal that’s better suited to your current circumstances.

 

Or you are concerned interest rates could rise and you would prefer to fix your payments over the medium term to avoid unnecessary shocks.

 

You want to raise funds

It could be that you’re in need of some additional funds but you haven’t been able to secure a loan from your current lender, or you have but the terms aren’t particularly attractive. Remortgaging can help you raise the necessary funds quite easily, but you do have to take any fees into account and consider that although raising money this way can mean lower monthly payments, you will be increasing the size of your mortgage. Another option could a secured loan and I can explain the pros and cons of the options available.

 

It’s worth keeping in mind that when you’re remortgaging to raise capital your lender will ask what the extra funds are for. You could be required to provide evidence if you’re looking to borrow a large amount.

 

Reaching the end of your current mortgage deal?

Find out what options are available and see how much we might be able to save you on your mortgage payments. Many more UK homeowners are remortgaging to save money on their regular monthly repayments. How much could you save?

When remortgaging may not be the right thing to do

It’s important to decide whether the potential savings remortgaging offers will outweigh the costs that might come with it. If any of the following statements are true, then remortgaging may not be right for you.

Your current mortgage debt is quite small

​If you’ve paid off the majority of your mortgage and only have a small part left to pay, remortgaging may not be worth it. Many lenders won’t take on new mortgages once your remaining debt falls below a certain amount, often around £25,000.

Your financial circumstances have changed

​It’s quite likely that you’re in a different place, financially, since you took out your current mortgage. Maybe you’ve moved job, stopped working, or recently become self-employed.

Lenders have become more cautious in recent years, and if you don’t fit into one of their pre-defined categories, you may find it more difficult than you did in the past to get an attractive deal.