“Gregor took the stress out of a potentially confusing situation. He was pleasant yet professional, accommodating and instilled confidence.”
These days, perhaps more than ever before, we’re surrounded by financial choice.
Whether you’re looking for a savings account, a credit card or car insurance, there is a plethora of options available, and we think nothing of switching from one provider to another to get a better deal.
The internet has made it easier than ever to make sure you’re not paying more than you need to.
Many people remain reluctant to adopt a similar approach to their mortgage finances, however.
Most folk shop around for a mortgage deal when they’re looking to buy a house.
However, once you have a mortgage with a lender, too many of us still tend to automatically think of it as a long-term relationship.
The reality is, most modern mortgage deals don’t tie you to that particular lender for any more than two or three (sometimes five) years.
Which means that at the end of that period, it should be time for you to take a good look at your finances and decide whether you can save money by moving the mortgage on your Edinburgh property elsewhere.
Most of us take out some sort of attractive deal when we sign up for a new mortgage.
Whether that’s a fixed rate, capped rate or tracker mortgage.
Many of these deals come with “Early Repayment Charges” (ERCs), which mean that if you repay or transfer your mortgage within the tie-in period, a penalty will apply.
These often add up to hundreds or even thousands of pounds. While most repayment charge periods end when the special rate itself expires, others may extend beyond this period.
When your initial mortgage deal ends, most lenders will revert your mortgage to their “Standard Variable Rate” (SVR).
This is the generally the lender’s base (and least attractive) mortgage rate. Which usually means you’ll be paying more interest than you need to.
Other lenders may contact you shortly before your initial deal ends, offering you an alternative rate from a selection of deals available to existing borrowers.
It’s at this point that you should look carefully at your options.
Ask your lender whether an Early Repayment Charge will apply if you move your mortgage to another bank or building society.
You should also check what other fees might be charged if you repay your mortgage. Typically there will be some sort of standard repayment fee or deeds handling fee.
If you can transfer your mortgage without an Early Repayment Charge, then it’s time to get in touch with an unbiased whole-market mortgage broker to discuss your options.
An advisor like Gregor McMeechan can provide completely impartial mortgage advice and help you find the most suitable remortgage deal from the whole UK mortgage market.
He'll help you work out whether moving your mortgage will be to your financial advantage and, if so, can handle the application on your behalf.
Saving you at the very least, a lot of time and hassle.
Contact Gregor McMeechan today.
Call 0131 510 3624 and get access to thousands of buy-to-let mortgage rates.
Or just complete the request a call back form to receive a call back from Gregor at a time suitable for you.
We look forward to hearing from you.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Our fee for Mortgage Advice is between 0% and 1% of the loan amount, payable on application. Typically this will be £425.