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Remortgage to raise cash or save money with ITV Local Mortgages
Nearly half the mortgages arranged in the UK in the last few years have been remortgages. So why is Britain becoming a nation of serial remortgagers. It’s because you can either save very significant amounts by switching your mortgage to a better deal or if you are looking to raise money using your mortgage as a cheap source of borrowing.
Saving you money
Let’s look at saving money first because this is why most borrowers remortgage.
The amount you can save is really large in some instances. If you are paying your mortgage lender’s standard variable rate, then it’s almost certain that you will be able to save money by remortgaging. Most borrowers take out a mortgage with a low initial interest rate which normally lasts for 2 or 3 years. If you don’t look to remortgage when the deal expires your lender puts you on to their standard variable rate which is normally about 2 % higher than the best deals available. So, on an average mortgage of £150,000 it’s costing you an extra £3,000 a year which you can simply save by remortgaging!
And even if you’re not now on your mortgage lender’s standard variable rate, you might still be able to save money by remortgaging. New mortgage deals arrive on the market every day and its always worth checking with ITV Local Mortgages to see if you can save money by remortgaging.
The process
The whole process with a broker has become much easier than you might think. There isn’t a mass of paperwork to complete and any forms that do need completing are done by us. It also need not cost a lot either – there are lots of fee free deals available from lenders.
And if you want to borrow more than your existing loan a remortgage may be just the job. Mortgages are the cheapest way of borrowing money for most individuals so whether its home improvements, paying of other loans or credit cards you may actually end up paying less overall whilst borrowing more . Of course you need to be sensible about what you are borrowing but some products like offsets allow you to pay off the additional borrowing faster. Just one call to ITV Local Mortgages can help you remortgage to a better future.
We charge a simple one off fixed fee of just £195 for remortgages, £375 for purchases, £750 for buy to let and £995 for credit impaired-mortgages.
Alternatively, for purchase and remortgage business for your own residence you may pay a fee of 1% of the mortgage (2% for credit impaired mortgages) and any commission received from the lender will be returned to you after completion. The minimum fee is £1,000 (£2,000 for credit impaired mortgages). On a mortgage of £180,000 the fee payable on completion would be £1,800 (£3,600 for credit impaired mortgages).