Step 1: Know Your Mortgage Inside and Out

 

Speed up the process from the beginning. Explore your current deal; find out when your fixed rate really ends! The results may surprise you.

 

Speak to a whole of market mortgage adviser to help you with this process

 

Get to know your mortgage

 

Understanding your mortgage will make it easier when it comes to re-mortgaging and put you a step ahead when speaking to a broker.

 

What should I know?

 

-          Importantly, know your mortgage account number! This will allow a broker to access information about your mortgage and save time during initial conversations.

-          Know who your lender is!

-          Find out when your fixed rate ends- this usually will be slightly longer than you think.

-          Understand ERC’S (early repayment charges). Check whether your lender charges these on your mortgage.

-          What interest rate are you paying? Comparing your current rate and keeping up to date with the Bank of England’s base rate will help you gauge what to expect when you re-mortgage.

 

Speak to a broker, they are professionals who can help and guide you through the whole process.