A remortgage is simply switching from one lender to another and this may be done for a multitude of reasons but the most common one is to obtain a more competitive mortgage rate.
For the large majority of mortgage borrowers the initial mortgage deal is for a defined period of time, such as two years, after which the rate usually reverts to the lenders standard variable rate which can often be more expensive. It is at this point a meeting with an independent mortgage advisor may be financially beneficial to you.
Independent mortgage advice isn’t simply recommending the lowest mortgage rate from a comparison table but more about an understanding of the peripheral factors that can make a significant difference to the overall cost of the borrowing. For example, clients who have fixed their mortgage payments prior to interest rates rising, and conversely been recommended variable rate mortgages during periods of falling interest rates, have saved considerably over a lifetime of a mortgage.
When making a recommendation Cooper Associates Ltd advisers take into account the additional factors, such as the probable movements in the Bank of England base rate, the impact of any fees charged, the flexibility for future borrowing with that lender, whether the mortgage is portable to a new property and any other relevant factors, all with the aim of helping to ensure that your mortgage is competitive, both now and in the future.
To make certain that our advisors are giving truly valuable advice we invest considerably in their ongoing training and development. Our advisors are qualified over and beyond that of the industry standard, they have continuous ongoing training by our in house training department and are monitored rigorously.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage during an early repayment charge period.