When was the last time you reviewed your mortgage? The likelihood is that unless your current deal is coming to an end, it will be low down on your list of priorities.
The truth is, there is rarely a bad time to remortgage, but the current economic uncertainty means that locking in a fixed rate mortgage deal is proving an attractive option.
It can be a bit of a minefield looking for the best options, but we at Cumberland are on hand to find the perfect deal for you.
Cumberland’s West Coast Area Branch Manager, Lewis Benson, says: “Remortgaging is a great opportunity to take stock of what you can afford and have a look to see if there are other deals that would work better for you.
“You tend to find that people's priorities have completely changed since they took out their original mortgage. We sit down with our customers and work out what's best for them.”
The Cumberland has been recognised by the Mortgage Finance Gazette as one of the most competitive lenders in our industry - something that we are always striving to maintain.
As well as our fantastic rates, there are incentives to remortgage with us, including £1,000 cashback on a lot of our remortgaging products. But most importantly, we take the hassle out of the process; we provide free valuations and we will also deal with your solicitor.
“It sounds like a stressful process, but we take out all the hurdles for you,” says Lewis.
“All of our advisors want to really understand the customer's income and expenditure before making a recommendation.
“People can arrange appointments just for a chat about their mortgage. We are here to give advice and listen. There is no commitment from the customer to change their mortgage at that point.
“We are only interested in finding the best deal for our customers, because we want a long-term relationship with them – ideally, we want to be their mortgage lender for life, so the more we can do for them, the happier they will be.”
But why remortgage? Is it worth the time and effort?
At The Cumberland, we run what we call a ‘Mortgage Challenge’ -we can tell you within 15 minutes whether we can save you money by remortgaging.
People remortgage for many reasons - it might be that they are comfortably able to afford their monthly payments, but then circumstances change such as having a baby or their child is off to university.
It could be that their children have grown up and moved out and they have a bit more money to spend each month.
Lewis adds: “We find that a lot of our customers have actually paid off their mortgage already, but are looking into remortgaging as a way of raising some extra money, often to gift a deposit on a property to their child or buy a second property for them.
"It's harder for everyone to get a foot on the property ladder these days, so this can be a good way of doing that.
“If you were a first time buyer, for example, you are likely to be paying a high rate. We can look at the options and see whether it is actually worth paying the early exit fee to move onto a lower rate.
“Of course, it is always important to plan ahead if you are coming to the end of your current deal.
“Most of the time we are looking at ways to save the customer money on what they are spending, but sometimes we might advise that the customer pays a little extra each month – even a small amount can make a huge difference top the rate that they are offered.”