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The right remortgage deal could mean that you end up saving hundreds, or even thousands of pounds.
Even though the thought of making savings is an excellent incentive, many people who could remortgage don’t because of the perceived amount of effort involved in finding a new, improved deal.
As a leading mortgage broker in the UK, Deal Direct can make light work of such a task as we already know where to find the best ranges.
Most people secure a mortgage at an introductory rate for a specified time. Once this time expires, the rate normally reverts to the lender’s SVR, which is more expensive. The increased mortgage repayment can strain your bank balance and mean you have to make cutbacks and savings elsewhere.
Are remortgages suitable for everyone?
Suitability of switching deals can, but not always, depend on whether:
- you are already paying your lender’s SVR
- you already have a capped, discounted or fixed rate loan
- you are looking to remortgage for less than 75% of the property’s value
As we’ve already mentioned, switching from your lender’s SVR can save you money. Deal Direct can help with finding you a much better rate.
If your existing deal is discounted, fixed or capped, Deal Direct can investigate the implications of any early repayment charges. In some cases, even though you could switch to a lower rate, you could end up paying more in fees. However, Deal Direct’s advisors can work out all the costings for you, enabling you to make the right decision that best suits your circumstances.