PANTA FAMILY


Saturday, December 22, 2007

When To Re-mortgage

If you are struggling to keep up with mortgage payments, or just feel you are paying over the odds on your home loan, then re-mortgaging may be the answer. It can give you lower monthly payments and even save you money in the long-term so there is little to be lost from at least exploring the possibility. But once you have decided to re-mortgage, where do you start?

The first thing to do is to check the terms and conditions of your existing mortgage. This will tell if you are tied in to your deal and it there are any redemption penalties or early repayment charges. This will give you an idea of how much it will cost to re-mortgage, and whether it will be worth if for you to do so. If you are locked in to your current deal, it becomes a case of working out whether you will save money by switching to a different rate, or whether you are better served by staying put until the penalties expire. Do not forget that a new lender will value your house and then charge an arrangement fee on top which can cost more than £1,000.

If you have been with your existing lender for a long time then doing this research is often particularly worthwhile. Long-term loyalty to a lender is not often rewarded with a reduction in rates, and shopping around may well save you money.

Of course re-mortgaging is not only about saving money on your existing deal, and can be an economical way of borrowing money. Equity – the value of your home minus the value of outstanding mortgage payments – is your money, and many lenders will let you borrow against it. Releasing equity is often cheaper than taking out a personal loan but it is nevertheless important to be careful.

Though borrowing through your mortgage in this way may be cheaper than taking out a loan, the debt you incur will be secured on your home. If you are unable to keep up with these additional payments you could wind up losing your home, so this option needs careful consideration – especially if you are already struggling to meet demands.

As with all financial products, there are a million deals out there, all accompanied by a bewildering stream of small print. Before you sign a contract you should be presented with a key facts document which outlines all the mortgage charges and small print in plain English. Always go through it carefully, and never be afraid to ask your broker to explain exactly what all of it means

You can also help yourself by avoiding deals with extended redemption penalties. These were being phased out until recently, when a number of lenders reintroduced extended penalties to counter ‘rate tarts’ who chop and change between providers to get a better deal. Getting trapped by these extended deals will prevent you from re-mortgaging again in the future, and as this whole process has shown, there often better deal to be found elsewhere. Extended redemption penalties are often hidden in the small print of contracts so make sure you check carefully. As with anything else you are not sure about - ask.

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