Remortgage Tips: How to Potentially Lower Your Rate Before Completion

[jpowell]

That's a good rate too

 

[loverofhissoul]

@norms ours is currently 0.9%, about to rise by an extra £600 a month

 

[zwrrel]

Hi. I’m an independent mortgage broker & this is right for most mortgage lenders, but not all. Some will charge you to change it before completion & some won’t allow you to change it! Speak to a broker if you can, especially at times like this as it’s important to get some advice & look at all options.

 

[forumolacabs]

@audreyl

 

[zbigge1031]

Our broker is monitoring the rates for us. I'm going to miss our current rate

 

[hornjasonl08]

@zbigge1031 make sure they actually do! Mine told me the same and didn't! Tried to sign me in for 6% finally got one for 4% by searching myself!

 

[zbigge1031]

@hornjasonl08 She most definitely is because she sends me an email every time she checks to let me know what the best rate found is VS what we currently have on offer. I'm hoping it drops significantly in the next 6 weeks but not likely!

 

[danielruben]

We always have a financial advisor for this reason.

 

[myles0]

Best advice I can give is never ever go interest free

 

[rowdshar]

@myles0 what do u mean

 

[rowdshar]

@myles0 do u mean interest only

 

[myles0]

@rowdshar these

https://www.moneysupermarket.com/.../interest-only-mortgage/

 

[rowdshar]

@myles0 yeah so the opposite if interest free lol interest only . Can't imagine why anyone would do it

 

[myles0]

@rowdshar we were forced to by circumstance ending up costing a lot more and only have 10 years to pay it off

 

[rowdshar]

@myles0 I suppose I'd try and buy a smaller or cheaper house b4 doing that if possible

 

[in_the_tent]

@rowdshar there are plenty of reasons why people would opt for interest only - mainly investment reasons on buy to let property’s. It’s not very common anymore on residential properties unless there is a good reason for it

 

[rowdshar]

@in_the_tent I was thinking residential surely it's never a good idea unless the alternative option is repossession

 

[in_the_tent]

@rowdshar it’s not usually good for residential.
However, one example could be if you also owned a number or investment properties that you were reinvesting into pension/ investments. You may want to keep outgoings down on the residential property for now and then sell one of the investment properties later down the line to clear the mortgage.
Again, not suitable for everybody, and not often suitable on residential but not unheard of

 

[in_the_tent]

@myles0 that’s not good advice.
Interest only can work really well in some circumstances (I’m a Mortgage Broker)

 

[myles0]

@in_the_tent depends on the age of the person getting it