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Mortgage Help

If you're considering refinancing your home, you may be looking for a source of mortgage help. There's rarely been a better time to get a remortgage because the Bank of England has set base rates at an historic low of only 0.5 percent. From this level, there's far more scope for interest rates to go up than go down. Getting mortgage help at this stage could enable you to find a tracker loan at less than 2 percent or a very competitive 5 year fixed rate loan that will maintain repayment consistency for the next 5 years. With so many products to choose from, it can be difficult for the layman to make a choice, but there are experts that are able to help you to choose a money-saving mortgage deal.

Before you seek mortgage help, you need to make sure that your existing loan has ended. If you decide to leave before the end of the term, you may have to pay an early redemption penalty. This is based on the amount of time that's left to run, and should usually be avoided. If you're not sure if you can get a new mortgage, you can either check the agreement or seek help from the bank's customer services team. If you don't know how much you'll need to pay to exit the agreement early, you can request an early redemption statement from the lender. Most homeowners will find that any of the money they're potentially saving will be lost unless they wait until the end of the term.

Help with Your Mortgage

There are a variety of sources of professional mortgage help. The most affordable way of getting help with your mortgage is performing your own research. This involves building your understanding by visiting different financial sites. You're then well placed to visit each of the major banks and make a list of the costs associated with each of the loans that are of interest to you. The most important factors are the rate of interest, initial charges and any free stuff that comes with the mortgage, such as help with legal costs. You now need to manually compare the cost of borrowing. Unless you have credit problems or negative equity, it's usually pretty easy to find a money-saving deal.

You can drop into or phone your bank to book an appointment with a mortgage advisor. They'll discuss the different products that may interest you based on your credit profile and will help you with any questions that may arise. The problem with going to your bank is that they're a tied agent and can only offer mortgage help with respect to their own limited range of financial products. That means that there are hundreds of potential deals that won't even be considered. You may also find that your bank only offers the best deals to new customers. Despite what you might think would be the case, being a loyal customer isn't always rewarded by the lender.

If you're prepared to pay for mortgage help, you can speak to a broker. Aside from being an expert source of assistance, they'll also answer any questions and complete all of the paperwork for you. Rather than just considering a limited range of products, your broker will explore the entire market for the right deal for your needs. The service is particularly useful if you've experienced credit problems, have negative equity or are self employed. Since the credit crisis, it's significantly more difficult to get a loan when one of these scenarios applies. The service will cost you up to 1 percent of the loan's value, but it can usually be added to the amount that you borrow.

Selecting a Remortgage Deal

Many people need mortgage help in order to select the right type of deal. Although there are many subtle variations of the theme, by far the most popular alternatives are the fixed-rate and tracker loan. Timing is critically important for each product if you want to save money. Tracker loans tend be to beneficial when interest rates are high and there are signs that the economy is starting to slow. This is because base rates start to come down and the savings are passed onto you. This deal has been particular good to homeowners over the last five years but, despite the state of the economy, there's no guarantee that it'll continue in the future.

Most people who have sought mortgage help have been advised to take out a fixed-rate loan. As rates are just 0.5 percent, it's likely that they will rise at some point. You'll pay more than you would on a tracker loan at the beginning, but there could be greater savings over the full duration of the agreement. When you get mortgage help, it will also be determined whether you'll benefit from consistent level of loan repayment.

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