How To Negotiate A Remortgage Deal - So You Don't Get Rinsed!

Getting a remortgage is a great way to release equity from your property and buy the things that you've always dreamed of having

. They're also a way of getting out of financial difficulty, as you can consolidate your debts to reduce your monthly payments on credit cards and loans.

Another great use of a remortgage is to change your repayment method. First time buyers often opt for interest only to keep repayments low in the first few years, but as their financial situation improves they may want to look at paying off the capital as well as the interest.

In order to get a good remortgage deal in today's competitive marketplace, it is imperative that you are able to negotiate with the lenders to keep the costs as low as possible. That's why we've created this article to help you master the art of negotiation.

The first step that you need to take is to get yourself familiar with your existing deal so that you know what you're trying to beat. Your fixed term may have finished and so you need to know what the new interest rate is once the initial period ends.

This will give you an idea of what rates you want to start looking at so that you'll know whether another contract will save you money and put you in a better position. You'll then be able to search for a more competitive mortgage contract with a better rate of interest .

One of the best tips is to get a financial adviser or mortgage adviser to work with you. They know the mortgage market and the lenders like the back of their hand, so they're more likely to be able to strike a really competitive deal.

Another great tip is to play the lenders off against one another. Get several mortgage quotes from lenders who are offering good contracts and use these to negotiate lower interest rates with other lenders.

But don't just be sold on a lower interest rate. There are other benefits that may be on offer such as free or low cost legal fees, no upfront costs or a free valuation of the property. All of these things could contribute to a lower overall cost of a mortgage contract.

If you're lucky enough to have a decent amount of equity in your home, use it to your advantage. Many people these days are in financial difficulty which makes you a more desirable customer if you have equity because you're less likely to default and offer less risk to the lender.

Try the old fashioned way of working too. If you go and sit with a lender and have a discussion, you may find that the personal approach will have customer services reps bending over backwards to try and beat other deals - after all many are commission based so they want your custom!

by: Timothy Frodsham

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