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Could You Save Money on Your Mortgage?

Re-mortgaging could save you money and it is easier than you think...

Could You Save Money on Your Mortgage?

Re-mortgaging could save you money and it is easier than you think...

If your mortgage is your single biggest monthly expenditure, then cutting its costs is likely to be your biggest money saver. Re-mortgaging means shifting your mortgage from one lender to another to get yourself a better deal - and you don’t even have to move house to do it.

There are many reasons why re-mortgaging could make sense for you but the main one is simple. Saving money. If you’re the kind of person who shops around to get the cheapest television or DVD player, then you’re missing a trick by not using the same skills to save money on your mortgage.

Sticking on the Standard Variable Rate (SVR) – the rate you end up paying after the introductory deal has finished – doesn’t have to be your only option and could be an expensive mistake. Interest rates are at an historic low, which means there will never be a better time to switch lenders.

The UK mortgage market is one of the most competitive in the world, the amount of choice is quite overwhelming and deals can disappear fast. If you want to save money on your mortgage you need to either get one of those rare life-long offers or shop around for a ‘mortgage best buy’ which means spending hours researching deals and managing mountains of paperwork.

That’s where a qualified and regulated mortgage broker in Swansea can help as they have access to the latest offers - tracker rates from 1.29%, fixed rates from 1.49% and even 10 year fixed rates for less than 3%. Some offer a re-mortgage service which includes no valuation fees, no legal fees and free advice and research – saving you from having to trawl through deal after deal and reading all the small print. 

As MoneySavingExpert Martin Lewis says, "A broker should be able to quickly source a relevant product that fits your credit history, offer an extra layer of protection if things go wrong and carry more clout with lenders to ease acceptance on otherwise unobtainable mortgages".*

Saving money on your mortgage is simple with the right support!