Why it pays to review your mortgage regularly

It’s good to keep an eye on mortgage rates with a mortgages review Manchester.

There are new options to market every day and If you’re not tied to a discount or fixed rate plan that has the possibility of early repayment charges you might want to consider it worthwhile to switch the lender (remortgaging) at any point.

At the very minimum consider re-examining your mortgage

If interest rates fluctuate – as this can impact the degree to which the current deal is

the time your mortgage expires when your current mortgage deal expires. Your rate may rise as well.

Once a year if not bound with penalties for early repayment – to determine how your current contract compares with new deals that have popped up on the market.

If you don’t take action in the event that rates increase or your mortgage agreement expires You could lose out on the many deals on the market.

Create a reminder today to look over your mortgage every year or before your fixed contract ends. You could save hundreds of dollars.

Create a reminder in your diary to begin shopping at least three months prior to the date you’re current fixed rate or discounted rate returns to the standard variable rate of your lender.


Before making any change, make sure you know what costs you’ll need to pay. Check ‘Look for mortgage fees Below.

Verify whether your home may have appreciated on Zoopla

Find similar properties that are available within your postcode on Rightmove

Make use of this calculator to calculate the Nationwide Index of the House Price calculator.

While you may be able to cut your monthly payments through switching to another lender but keep in mind that there are plenty of fees that come with the process of remortgaging.

There may be high fees for early repayment when you leave before the first lock-in period for your mortgage runs out. It is unlikely that you will be charged charges if you’re a member of your mortgage’s variable-rate standard.

The lender you choose to work with could cost you valuation or legal costs, but these fees are typically waived if your mortgage is approved. Always inquire about these fees when you are comparing different the different options.

There’s a good chance that there will be an exit charge to pay when you quit the current lending institution. Add this to your cost.

In addition, there is usually an arrangement or booking cost to be paid for the new deal . However, you could opt for a no-fee deal to avoid any booking or arrangement costs, but you may pay a greater interest rate.

Make sure you consider the price of any remortgage and the savings you’ll earn, before you take the plunge and refinance.

The majority of mortgages are now “portable that is to say they are able to be transferred to a new home. However, moving is considered as an initial mortgage application, which means you’ll need to satisfy the lender’s affordability requirements and other requirements in order in order to be approved for the mortgage.

If you aren’t able to pass the test, your only choice is to seek out another lender, which could lead to you having to pay the early repayment fee of the lender you currently have.

“Porting” a mortgage may typically mean that only the current balance remains on the discount or fixed-rate deal, so you must choose a different option for any additional borrowing for the transfer. The new deal will not be compatible with the terms of the current deal.

If you are certain that you’ll need to relocate within the early repayment period for any new deal then look at deals that have very low (or no) early repayment fees that allow you to look around at lenders once it’s time to relocate.

In April of 2014, mortgage lenders will have to be more attentive at your ability to pay for the cost of a mortgage due to new rules.

This means that it could require more time than you’re used and you’ll need to submit evidence of your earnings and every expense you incur.

You might be asked to:

your bank statements and payslips to prove your earnings or
your tax returns as well as your business accounts are prepared by an accountant, if you’re self-employed.

Your expenses will be compared against your income to determine the amount of money you can afford to pay for your mortgage.

They will be looking at you:

household expenses
Other debt repayments,
expenses for living such as childcare, travel and entertainment.

They’ll also determine what you can do to deal with an increase in rate of interest or changes in your lifestyle , like losing one’s earnings for couples.

It could be it difficult to refinance to an alternative lender.

Before you make the change your mortgage, make sure you check the costs and then contact with your lender of choice to find out what offers they can offer you.

If you’re a homeowner with an interest-only mortgage, you’ll find that lenders examine your repayment plan to ensure you’re on the right track to pay back the loan in full at the time the mortgage is over.

If not the case, you could have a difficult time switching to a new mortgage that is interest-only.

If you choose to change to an alternative loan on your own,, you’ll need to conduct a thorough search and select a mortgage without any assistance or guidance.

After you’ve decided on your lender then you’ll have to provide the lender specific instructions regarding:

the worth of your home
the loan you’re looking for
how much you’re borrowing and
how long you would like the loan to be in.

This is referred to as execution-only. This means that the lender will contact you informing you that you’ve never received advice or a determination of whether the mortgage is appropriate for you that you must confirm.

Comparison websites can be a great starting point for anyone looking to find a mortgage that is tailored to their specific needs.