It doesn't have to be hard to find the best mortgage deal
. By following some simple yet effective steps you can be saving money for years to come.
It you currently have a mortgage deal and it is about to come to the end then you can be assured that the next greatest and latest offer will cost you more money. We used to be able to get favorable rates of borrowing in the past but these are all but over - well for the foreseeable future.
Most lenders have a portfolio of offers and deals to tempt the borrower with. Some lenders will allow you to secure a certain deal - or interest rate - from their current range of mortgage offers for up to three in advance of when your current mortgage deal ends. There should be no charge to move to the new deal. This is ideal as you could walk away from the deal if mortgage interest rates drop lower in these three months.
Don't forget the fact that you don't have to stay with your current lender and as it's an open market to go where ever you like, you can shop around and decide yourself who to take out your next mortgage with. Sure, your current lender will most likely offer an incentive to take out another deal with them but play them at their own game and shop around. Use the internet to browse at your leisure and under no pressure for the best mortgage deals.
You will need to be aware of charges that could be incurred if you switch lenders. Some lenders do charge a mortgage exit fee. And of course, before you sign up with a new lender, check their policies too such as paying off the loan early or switching lenders. Overall do the maths and work out if it is cheaper to settle any fees and get a much better deal. You may still find it is cheaper to pay the fees and switch - in the long run.
Remember, if you can pay off a little more now - it will save you a lot of cash later on. Ask at your lender about the best and most beneficial way of setting your mortgage.