Perhaps you are in need of money to finance your business or to purchase a property.
When it comes to remortgaging, there are various involved fees and rates. Therefore, if remortgaging is the best option, knowing all the involved costs is important. Some of the costs to expect are:
- Earlier repayment charge
Whenever you leave your current deal you have to incur this type of cost. The penalty applies when you repay a mortgage earlier than expected or you overpay more than allowed within a tie-in period. With the penalty, lenders are able to recoup some of the interest they will lose.
- Exit fee
This is another type of
remortgaging fee associated with leaving the initial deal. Also known as admin charge or deeds release fee, it is a payment for the current lender to forward on the title deeds to the solicitor. You will have the option of paying it upfront after you have set up the mortgage or when leaving the mortgage. You will not be paying any interest on this charge and therefore paying it at the end is better.
- The remortgage arrangement fees
This is one of the fees to expect when remortgaging your property. Some years ago, the cost covered the administration costs of the lender. But today it is a primary part of remortgage costs along with interest rate. It is a product fee even though some lenders call it the application fee or booking fee. Always remember to look at this fee when remortgaging.
- Hidden fees
Did you know that most lenders impose over 40 different charges? As a result, the borrower goes through a hard time trying to figure out exactly what they are paying. Lack of clearness around the charges, which include the lesser known costs like final payment fees and arrears fees make them hard to spot. Some lenders will use a different name for the same charge and therefore an application fee may be stated as a reservation fee or an application fee. And lenders are more likely to hit you with more.
- Some other costs
Some other charges may add several pounds to the total remortgaging costs. You might need to pay legal costs and valuation fees. Your current lender is more likely to charge you a fee if you decide to remortgage elsewhere.
With
Nottingham re-mortgage advice you will be able to track down all the involved fees and rates. Whether you are looking for a remortgage to finance your business or to buy a property we will help you choose the best lender. Almost every lender you approach will convince you that they are offering the best deal and therefore getting one that meets your needs becomes hard. We have helped many individuals get the best lenders. Contact us today for re-mortgaging advice
http://www.mortgageadviceservices.co.uk/remortgaging/remortgageProcess.htmLabels: help to buy re-mortgage, nott, nottingham re-mortgage advice, re-mortgage advice, re-mortgaging fees, the re-mortgage process
