If you're thinking about a remortgage; maybe to release some equity from your home or move to a cheaper deal, there are a number of things you should think about.
Firstly, it's important to understand the details of your current mortgage...
Are you on an introductory rate? Does your mortgage come with any kind of extended
tie-in? If so there could be penalties of you switch mortgages too soon, however is certainly wise to consider your options prior to any introductory period ending.
Talk to your lender...
Check with your lender, maybe you'll be able to get a better deal without moving.
Apples and Oranges...
When you're looking around for a new mortgage, it's not enough to compare interest rates, it's vital to look at all the charges together in order to understand the real cost of each product.
Insurance...
Look out for insurance tie ins as they are often not the best deals.
Interest can be interesting...
Look for a mortgage that charges interest daily, not annually, this will save you a great deal of money.
The best way to ensure you get the best deal and don't make any costly mistakes is to talk to a financial advisor. If you get help from a professional well in advance you can be confident that appropriate options for your circumstances will be explored.
