When you originally took out your mortgage it was probably the best one on the market for your particular circumstances. The world of mortgage products changes regularly though and there’s a very good chance that someone is offering a better deal at present, especially if your special offer interest rate or other mortgage incentive has now come to an end.

A lot of people continue to pay their current lender’s Standard Variable Rate of interest because they simply can’t be bothered to look around for a better deal. Remortgaging however can and often does save consumers thousands of pounds in interest payments over the course of a few years. So ask yourself why you haven’t remortgaged yet…

When to Remortgage

You can technically remortgage at any time however most lenders add clauses to their contracts that tie you in for a specified number of years. If you decide to change lenders before the tie-in period has lapsed then you’ll probably end up paying early redemption fees – and these can easily cost more than the money you save by changing lenders.

Most tie-in periods correspond to the number of years you get your special discount interest rate for, which is handy. This means that when your interest rate reverts back to the SVR your tie-in period ends and you can remortgage without being penalised. You should start to look around for new deals a few months before your mortgage reverts to a standard rate so that you only pay the higher standard interest rate for a few weeks or months at most.

Finding a New Mortgage

Providing you have paid your mortgage payments faultlessly for the years that you’ve had it you shouldn’t have a problem remortgaging. The first place to try is your current provider as the threat of leaving can often tempt them into offering a better deal. Make sure you have some comparison figures at hand though so you don’t get talked into a ‘great’ deal that is still not as good as others you’ve found.

You can easily research the market yourself if you want and the BUYability comparison engine provides an easy way to compare what’s currently on offer. Those who prefer professional advice though may want to consult an independent mortgage advisor but be warned they do charge quite a lot for their advice and services. They will however find you the best deal available for your particular circumstances and in most cases they will help to arrange the remortgage as well.

And Remortgage Again

Providing you wait until the tie-in periods have ended you can remortgage as often as you want and a lot of experts recommend that you do it as often as possible. By remortgaging over and over again you’ll be guaranteed lower than standard interest rates for the life of your mortgage and on a 25 year mortgage this can save you thousands of pounds in interest payments alone.