Make sure your mortgage remains as cost effective as possible!
A typical mortgage will begin on a lower initial rate, however after this period, it will roll onto the lender's standard variable rate which is usually their highest rate. Although the standard variable rate (SVR) offers flexibility in form of changing the mortgage at any time without early repayment charges, it's one of the most expensive rates, ands you'll see your monthly payments jump up for the same mortgage.
When you become a client of ours, we contact you well in advance, typically 6 months before your existing deal is due to finish, to ensure this doesn't happen. Contacting you at this point allows us to review your current situation, understand what your options are, and secure a new deal to start when your existing one finishes.
This is particularly important if you're switching to a new lender as the process involves a new mortgage application and solicitors to change the legal charge on Land Registry, which can take time.
Remortgaging is also a great time to consider any changes you may want to make to your mortgage, including:
Increasing your borrowing to finance projects and pay for new items, such as a car or home improvements
Changes to the amount you're committed to pay every month by reducing or increasing the term of the mortgage
Consolidating debts into the mortgage to provide a better financial situation
Whether you want to fix in for another deal, or consider the option of a variable rate, we breakdown the details of each rate type, giving you the right information so you know what's best for you.
Our standard process at Stafford Financial Services is to offer a full mortgage review when it comes to remortgaging. This includes understanding what your existing lender is offering, scanning the market to see what other lenders are offering, and provide a best solution based off true cost over your preferred deal period. True cost factors in any associated lender fees with new deals, any incentives such as cashback, and costs to move to another lender such as redemption fees and solicitor fees.
Contact us below to refinance your mortgage and get the best deal for you.