Remortgages

Moving your mortgage, not your home.

When you first buy a house you will usually be offered a preferential interest rate for the first few years. But what happens when this preferential rate ends? Should you stay with the same lender or shop around for a better deal?

It can be an expensive mistake not to shop around to see what’s on offer. KMS Finance can do the shopping around for you. Many lenders offer incentive to change your mortgage to them such as paying your legal fees and offering free mortgage valuations. Some even offer products with no arrangement fees, so it could cost you nothing to change your mortgage to a new lender and get a better interest rate.

Should I shop around now?

• If you’re already on a preferential rate, probably not. The penalties you would have to pay to may mean there’s no point
• If your special rate is about to end now is the time to start shopping around. Call KMS Finance and let us do this for you
• If you’re no longer on a special deal and you are paying your lender’s standard variable rate and there are no penalties involved you should also contact us to see what else is on offer. You may want the security a fixed rate has to offer or maybe the guarantee that your variable rate will track the Bank of England Base Rate

Check your most recent mortgage statement – you should receive one at least once a year. This will tell you what you’re paying now, how much you still owe, and how much longer you have left on your mortgage. It will also tell you where early repayment charges apply if any, and the date they end.

Whatever your requirements are speak to KMS Finance to find out what other lenders have to offer. Don’t pay more for your mortgage than you have to!

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.