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| Moving
your mortgage without moving house can be both painless and inexpensive.
If you have had your existing loan for some time, and are paying
your lender’s standard variable rate, or have come to the
end of a discount or fixed rate scheme, now is the time to see what’s
on offer. |
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Q:
What is the first step I should take towards obtaining a mortgage
on better terms?
A: First, ask your existing lender about any special deals they
can offer you to cut your mortgage costs. They should be able
to show you how your payments will change if you switch loans
and explain the costs and paperwork involved.
Q: Will I have to pay my existing lender a penalty
charge?
A: They will be able to tell you this. Remember to factor in this
charge if they do. However, in some cases, the savings from moving
lender can outweigh a penalty payment. You will need to calculate
this.
Q: What if my existing
lender cannot help me?
A: Next, contact an IFA who can shop around amongst other lenders.
Many new lenders have entered the marketplace in recent years
and offer very attractive rates and schemes.
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Q:
Will I need a valuation?
A: You may be required to have a valuer examine your home before
your new loan is agreed – though they may just carry out a
valuation from the street if you are only borrowing a small percentage
of the total loan-to-value.
Q: Will I need a solicitor
to handle the conveyancing?
A: You could either instruct one yourself or, in some cases, the
new lender may help you find one.
Q: Is the process a lot of
hassle?
A: Often all the paperwork of a remortgage can be done over the
phone – or even online. Completed forms are just sent to you
to sign and return. The process should be painless.
Q: How long does a remortgage
usually take?
A: There is no standard time. Delays can happen – but most
remortgages are typically completed within two months. |
| YOUR
HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR
OTHER LOANS SECURED ON IT. Written quotations available on request,
loans subject to status. Insurance may be required. |
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