Owning a home is an expensive endeavour, and one of the most significant costs that you’ll have to pay is your mortgage and the interest on it.
However, it will be worth the money and effort in the end, and there are many ways that you can reduce your expenditure.
One of these techniques is to re-mortgage your home. This is the process of moving your mortgage to a different provider without relocating to a new property.
As the re-mortgage market is healthy right now, this is a great time to consider re-mortgaging your property if you want to save money and get the best possible deal on your mortgage.
Here are some of the things that you need to know about re-mortgaging your property and how to get everything ready before you start the process.
The Cost Of Moving Your Mortgage To A New Provider
Moving your mortgage to a new financing provider will cost you some money, but it could save you cash in the long run. There are many fees associated with re-mortgaging your home, including deed release fees, early repayment charges, broker fees and more. There are ways you can save money on these, such as finding a fee-free broker, and checking your current mortgage deal carefully, so try these approaches to get the best possible deal. While your re-mortgage might cost a lot initially, it could be worth it as you might save a lot of money in the longer term, which leads us to our next point.
How Much You Could Save
Before you start the hard work of finding a new mortgage provider, you need to work out how much money you could potentially save. Many finance providers and money-saving sites offer re-mortgage calculators so that you can work out how much you’ll save if you move your mortgage to a new provider. While you might think you’re already getting the best deal because you did your research before you took on your existing mortgage, this might have changed over the years that you’ve owned your home. For example, interest rates might have fallen for other providers while you’re stuck with a fixed rate. Alternatively, new options could have been invented which will make it easier for you to save money. Whatever the reason, you should check out all your options before you make your decision.
The Documents You Need
Once you’ve found a provider and worked out that re-mortgaging your home is a cost-effective option for you, you need to make sure that you know the documentation that you’ll need. This will include details of your past mortgage, payslips and other documents that you needed for your first mortgage application. You’ll also need other documents, such as an Energy Performance Certificate (EPC). Check out this website to find a dedicated EPC provider who can help you to quickly get your EPC document ready before you apply for your re-mortgage.
Re-mortgaging your property sounds like a lot of work, but it could potentially save you hundreds or even thousands of pounds over the life of your mortgage. So, use this list to understand what you need and begin the process of checking out other lenders and moving your mortgage to get the best possible deal.