Re-Mortgaging Cost Cutters
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Re-Mortgaging Cost Cutters
Word Count: 584
Overview:
If you've held a mortgage for several years, you may be overpaying. Loyalty to your mortgage provider doesn't yield rewards, as the best offers are often reserved for new customers.Many homeowners can reduce their mortgage payments by up to 33% just by re-mortgaging.
Key Points:
- Opportunity for Savings: By re-mortgaging, you can significantly lower your monthly payments. Simply checking weekend newspaper ads, browsing online, or contacting your current lender can reveal new mortgage deals and potential savings.- Competitive Market: Lenders are competing to attract new customers with lower interest rates. Many newer lenders are aggressively working to expand their client base. They know that once a mortgage is set, most people stick with it without reconsidering the interest rates.
- Potential Savings: By ensuring you have the best mortgage deal, you could save thousands over the lifespan of your loan.
Steps to Take:
- Seek Expert Advice: Navigating the numerous mortgage options can be daunting, so it’s wise to seek free advice from an online mortgage broker. They’ll scan the entire market for the best deals tailored to you.- Simple Process: Re-mortgaging isn’t a lengthy ordeal. The transition to a new lender can typically be completed within six weeks. Most paperwork can be handled online, speeding up the process.
Financial Considerations:
- Associated Costs: Setting up a new mortgage might incur costs up to £1,000. However, many lenders cover these expenses, including legal fees. You might need to pay around £325 to your old lender to close your current mortgage.- Example Savings: If you switch from a standard variable rate (SVR) of 6.5% on a £100,000 mortgage to a fixed-term loan at 4.24%, you could save over £2,200 annually. Even with arrangement fees, the savings are substantial. Homeowners with large mortgages or plans for home improvements could benefit significantly.
Buy-to-Let Investors:
- If you're a buy-to-let investor, chances are you have a significant mortgage. Switching could lead to considerable savings. Given recent property value increases, it may be a strategic time to re-mortgage and expand your portfolio.Conclusion:
The potential savings from re-mortgaging are substantial, and an online broker can assist you at no cost. It's a smart financial move that can lead to significant cost reductions on your mortgage.You can find the original non-AI version of this article here: Re-Mortgaging Cost Cutters.
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