In the not too distant past, the majority of people remortgaged their property to a different lender when their current deal finished. If they didn’t have any credit issues or individual needs, there were lots of competitive mortgages available.
The market is changing, and more people are asking their mortgage broker to help get a new deal with their current lender instead of remortgaging.
It isn’t always very clear whether a remortgage or product transfer is the best option-
At Total Home loans our qualified mortgage advisors will work with you to find the deal that suits your needs. The lenders criteria and rates are constantly changing and it’s important to get help from a qualified mortgage advisor.
With changes in the regulations and the lenders changing their criteria, obtaining a mortgage could prove to be more difficult, depending on your circumstances’.
Many of us take the easiest route when our mortgage product comes to an end and stick with our current lender on their new deal if it’s cheaper than their standard variable rate.
On the other hand, many will go to another lender and make a great savings by a reduced interest rate or restructuring their finance.