Mortgage Advice Services: The pro's and cons of re-mortgaging

The decision to remortgage can be a daunting one. You may not know what to expect or whether your fees will go up or down. The best way to find this out would be to speak to various remortgage companies and see what kind of deal you can get. We can do that for you at Mortgage Advice Services. Here are some pros and cons of taking out a re-mortgage.

If your mortgage is about to end you may want to consider re-mortgaging as it is possible to re-mortgage at a cheaper rate. The savings can be huge if you take the time - or allow us to take the time - to look around at lenders for you. Do your sums though to make sure that you are going to be paying less. Maybe your home's value has increased dramatically. This means you may be eligible for lower rates. You might want to borrow more, so a new lender will help you out in that way. Do the maths though to see if there isn't a cheaper way of borrowing money. You may even need a more flexible mortgage because you are travelling or going back to education;; a new lender may allow this whereas your current lender won't.

Your mortgage debt might be low and therefore switching to another lender doesn't make sense. You will still pay high interest fees and in fact some companies won't even consider a mortgage under £25,000. Maybe switching early will incur a huge early repayment charge too. This is when it is better to wait. Again, look at your numbers. You could have little equity which means you may find it hard to find a lender that will lend you 90% of the value of your property. So stay with your current one in this case. Finally, you might already be on a great rate! Although this may not always be the case, it would be quite foolish to switch.

So, how do you get the best re-mortgage advice in the UK? Go to Mortgage Advice Services. We have trained professionals who will give you the best advice on what to do in any re-mortgage situation. We will help you get a quotation that fits your needs and will search the whole of the UK to get the best value for money deal for you. We are a Nottingham re-mortgage company but no matter where you live we will be able to help you - just fill in our quick and easy online form or give them a call them today www.mortgageadviceservices.co.uk