05 Feb 2016
Nobody would turn down the chance to trim their monthly outgoings - but many people are sitting on a potential saving that they may not have considered.
Remortgaging may sound like a lot of hassle, but it is actually straight forward with the help of a financial adviser.
Many Scots will have mortgages which will be coming up for review over the next few months and with mortgage rates at an all-time low, there are a number of deals available that really will benefit borrowers looking to review their circumstances.
With rates as low as 1.29% available, we are seeing our existing clients saving on average between £150-£250 as they come off deals which were previously costing around 3.25%.
Clearly there has to be an analysis of arrangement fees and other costs which be applicable for remortgage deals but there is no doubt borrowers can save a lot of money by getting independent mortgage advice and choosing from the entire market place rather than sticking with their own bank.
With the threat of an interest rate rise next year, most borrowers are locking into fixed rate deals meaning their repayments will stay the same even if a rate rise does come.
This offers security and with five year fixed rate deals available from 2.19% they are still saving money on their current repayments so it really is a chance to take some control over your mortgage at very little or in some cases no cost. In fact according to the Bank of England fixed rates now account for over 80% of all mortgages being drawn down by buyers and for people remortgaging.
Recent statistics confirm that the public are now consulting with independent mortgage brokers more than their own banks.
This is due to more awareness in the market that shopping around and not taking one banks product option can save you money.
Also since the introduction of the mortgage market review it is taking weeks to get appointments in some banks where as Independent Financial Advisers like Aberdein Considine can usually accommodate an appointment within 24 hours. This can be by face to face advice, telephone, Skype or e-mail offering flexible options for borrowers who are keen to save money.
This is crucially important right now as these rates won’t be around forever and anyone looking to benefit from lower repayment should be acting now.
Aberdein Considine can offer thousands of mortgage products from all major lenders. If you would like to speak to one of our Independent Financial Advisers, call 0333 0066 333 or click here.
The above is for information only and does not constitute advice. Aberdein Considine is authorised and regulated by The Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on your mortgage.