Wednesday, 28 March 2012

Mortgages Dorset: Re-mortgaging

Are you thinking of re-mortgaging? There are many different reasons for wanting to re-mortgage: maybe you are moving home, looking for homes for sale in florida or wanting to reduce your monthly outgoings or even just wanting to go on a little six month break along the Dorset coast. Whatever the reason for wanting to re-mortgage you need solid, dependable advice before taking the plunge.

Many believe that with the soaring house prices it has never been a better time to re-mortgage your house but what different aspects do you need to consider before you decide to go down this route? Read up on these comprehensive re-mortgaging tips:

·         Seek advice from a broker who has access to the maximum number of lenders possible and can therefore aid you in considering all the different re-mortgaging possibilities.
·         Be sure to read all the information about “tie-ins” and “penalties”. If you opt for a mortgage which penalises for switching mortgage lenders or ties you to a lender for a fixed period, make sure you know about it before you sign.
·         Be sure you understand and know the terms of your current mortgage agreement before looking into re-mortgaging and then you can make an informed comparison.
·         Be aware of any “early repayment charges” which you may incur should you decide to pay off your mortgage before the agreed time period.
·         Resist the temptation to extend the length of your current mortgage term. Often it appears to be cheaper but it costs more overtime when you take into account the total interest you will pay.
·         Remember to calculate all the fees involved in re-mortgaging. Areas to think about are: the legal fees, the valuation fee (you will be required to re-value the cost of the house) and the arrangement fee (money paid to the lender for the re-mortgaging paperwork involved)


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  3. If you cannot afford it, do not buy it! Too many people re-mortgage for stupid reasons.

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