The Mortgage Mum - 8. Remortgages – why it’s important not to be lazy!

October 28, 2019 by Sarah Tucker - The Mortgage Mum

The Mortgage Mum - 8. Remortgages – why it’s important not to be lazy!

I read an article this week that said that 31% of borrowers going direct to a lender didn’t know how a mortgage broker could help their mortgage search and are missing out on a better mortgage deal as a result.

It went on to say that these borrowers didn’t realise we are here to help them - they thought we worked for the lenders!

I just want to put the record straight. WE WORK FOR YOU! THE CUSTOMER. NOT the lenders.

You do need to make sure you are dealing with an independent broker, not just “whole of market”. To be truly independent you need to have access to the entire market. We can see all of the rates available to you, and when we find you the best deal it needs to be entirely justified at our end to make sure we are giving you the best advice. At The Mortgage Mum we will also demonstrate that advice to you to ensure you understand exactly why we have picked this lender.

So why should you go to a broker and not just stay with your bank?

Because if nothing else it could save you money! Your bank may have been the cheapest 2 or 5 years ago and they may be the 10^th cheapest now! It changes all the time, and we know who is the most competitive!

On top of this, we can also really talk about your mortgage in detail and make adjustments. It might be that you keep overpaying, in which case we can look at reducing your term. It might be that you are a bit tight each month, so we can look at options for you. It might be you are dreaming of an extension and didn’t realise how much equity you had. Also, the value of your property could have gone up significantly since your last mortgage and your bank deal may not reflect this. This happened to me after we renovated our home and it was £150,000 less on the internal bank deal compared to a new lender!

AND if it IS better to stick with your current bank, we WILL tell you. We can do the product transfer for you! And if we can’t, we will still tell you.

Basically, you should be using a broker. There really is no reason not to!

You can contact The Mortgage Mum on her website www.themortgagemum.co.uk or on her social pages. Get in touch today if you have a mortgage enquiry or if you think you may be interested in becoming a Mortgage Mum yourself!