Everyday Mortgages covers the whole of the UK but some of the cities recently covered are; Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle & Nottingham.
Make your existing mortgage work harder for you
Existing borrowers may not have to switch between lenders to make their existing mortgages work harder long-term and make the most out of having a mortgage. You may be able to get an offset mortgage enabling you to use your savings to cut the interest you owe your lender by a little bit each month. You could potentially save thousands of pounds over the term of your mortgage.
There is also an additional benefit for taxpayers because you can’t be taxed on money that is saving you interest on your mortgage. But you would be taxed on money earning you interest (if not in an ISA). However, offset mortgages are not for everyone so please do get in touch to consult your remortgage options with a professional mortgage broker.
Why should you remortgage and what will you gain by switching your mortgage deal or even lender? Read on to find out the top reasons to remortgage?
- Remortgaging to a lower interest rate could save you a considerable amount of money
- If you are on a variable rate you could remortgage to a fixed rate getting a rate that will not change (increase or decrease) for a specified amount of time
- Remortgaging to make home improvements may add value to your property
- Choose a flexible mortgage where you can overpay, underpay or take payment holidays
- Invest into buy to let property
- Help your children get onto the property ladder
- Remortgage to raise some capital and release cash for a one-off purchase
- Get a better service with new lender
- If you bought your house with a bad credit profile your interest rate might be a much higher than for a ‘mainstream’ borrower, consult a mortgage broker to see if you could get a better deal based on your current individual circumstances and needs
If you are thinking about remortgaging and would like to consult a professional mortgage broker please contact Everyday Mortgages Ltd.
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Mortgage Product Types
A fixed rate is when the rate of interest your mortgage borrowing is calculated on will not move for a period of time. Usually 2-5 years. Longer terms may be available. A fixed rate provides security knowing your mortgage payments will not increase for a specified period of time.
However, the potential downside to a fixed rate is that if the base rate reduces during the fixed rate period you will not be able to benefit from reduced payments.
A tracker rate is when the rate of interest your mortgage borrowing is calculated on increases or decreases in line with a linked base rate. This will mean your payments could increase or decrease. Tracker rates provide more flexibility than fixed rates although borrowers must ensure they can afford their mortgages if the rate increases.
A capped rate is very similar to a tracker rate as the rate increases or decreases in line with the Bank of England Base Rate but will never exceed a specified top level – ‘the cap.’
The product is a niche product and is not always available.
A SVR mortgage is a loan at the lender’s normal mortgage rate – ie without any discounts or deals. It moves up and down at the lender’s discretion. This means your payments could increase or decrease.
A discount mortgage gives you a lower rate for an agreed period usually 1-5 years after which the rate will increase. A discount mortgage normally gives you a discount from the lenders Standard Variable Rate. This will mean your payments could increase or decrease. Borrowers must ensure they can afford their mortgage if the lender increases their Standard Variable Rate.
An offset mortgage allows your savings to work harder for you. It is a way to reduce the amount of interest calculated on your mortgage. For example if you have a mortgage of £100,000 and savings of £20,000, if you offset the savings you would only be charged mortgage interest on £80,000. This would either reduce your term or monthly payments. The £20,000 savings would generally still be accessible. The product to run alongside this type of mortgage would usually be a tracker rate although fixed rates are also available.
Why Use Everday Mortgages Ltd?
UK Wide Online Mortgage Broker
- Fully CeMAP qualified adviser who provides full advice and recommendation
- Work on your behalf and not on behalf of the lenders
- Deal with all the administration and paperwork on your behalf
- Offer advice on Life Cover, Critical Illness Cover, Income Protection and Buildings/Contents Cover
- No obligation service