When it is time to remortgage, a remortgage broker can help you find the best deal.
Why use a broker to remortgage?
Brokers can search the whole of market and get back to you with the best option, they can also advise and make a recommendation on other solutions that could be more suitable. You need to make sure that you use a broker that doesn’t charge you a broker fee. With us, your entire remortgage application can be processed online whilst you’re on your sofa – without the need to visit a bank branch or office.
Do I get the same deal?
In some cases you get a better deal, some lenders offer brokers exclusive rates that are not available directly or in branch. Mortgage brokers are also members of mortgage clubs. These are firms who have held partnerships with the mortgage lenders for many years. They are also able to negotiate exclusive deals. It is always best to check with your existing lender first and then use this information to compare deals from other lenders and whole of market mortgage brokers.
Is it free?
We believe that it should be. We don’t charge a broker fee to submit your remortgage application. Some brokers may charge you and require that you visit them in their office. All brokers get paid what is called a procuration fee (or commission) from the lender when your mortgage completes. This has absolutely no bearing on your mortgage rate or monthly payment. All lenders operate this way, even brokers that charge a fee will also get a commission for arranging your mortgage.
When is the best time to remortgage?
The best time to remortgage is within 3 months of your current mortgage deal expiring. So for example, 3 months before your fixed rate deal ends. This will allow us to get in early and lock in an application for the low rates currently available. It will also give us enough time to complete the lender switch before your current deal ends. We aim for a seamless link between your old mortgage deal expiring and your new mortgage deal falling in place. If your mortgage deal has already expired then the best time to remortgage is now.
Do I need a solicitor to remortgage?
If you are switching lender you will need a solicitor to deal with the transfer of funds and mortgage redemption. In most cases, the lender will provide free a legal service when you remortgage. Some lenders will offer cash back for the legal cost of remortgaging instead of the free legal service. Most remortgage customers prefer the lender free legals so that it is all taken care of by the lender’s in-house solicitor.
How do I get started?
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons) I have been arranging remortgages for over 12 years.