Re-Mortgage Northern Ireland
A re-mortgage will present you with a variety of options including extending the term in order to reduce the monthly repayments or re-mortgaging to reduce the term if you feel you can afford to pay a bit more every month thus repaying your mortgage faster and potentially savings thousands on interest repayments.
A re-mortgage is usually effected when your current deal with your existing provider expires eg. You got a special rate when you bought your property say a 2.4% 2 year fixed rate mortgage, when the 2 year period is up you move back to your lenders SVR ( Standard Variable Rate ) at say 4%. On a £100,000 mortgage spread over 25 years this rate rise would equate to an additional £84 per month in interest repayments so it’s definitely worth looking for a new deal.
Remember you don’t have to stick with your existing provider just recently 23/10/2016 a well known lender was offering £2,000 cashback deals on re-mortgages over £75,000 check the market and you could be quid’s in.
Top Tips for Re-Mortgaging
2. Check the Overall Cost – This is important many lenders will include arrangement, valuation and booking fees in their re-mortgage deals. When all of these are taken into consideration a mortgage product may seem less appealing.
3. Check the Features – Check all the features of a mortgage product before committing to mae sure it meets all of your needs.
4. Find a good Mortgage Broker – Find an independent mortgage broker you can trust and isn’t tied to one particular lender. Mortgage Adviser NI will search a comprehensive range of providers and we never charge a fee for our services.