Why should you review your mortgage?

By regularly reviewing your mortgage, you can ensure that you are never paying more interest than you need to be. To ‘remortgage’, simply means to move your mortgage from one lender to another to pay less interest and therefore reducing your monthly payments. If your mortgage is left unchecked, it could end up costing you thousands of pounds through unnecessary interest payments. If you are on, or about to go onto, your current lenders Standard Variable Rate (SVR) of interest, speak to a mortgage adviser to see what other options are open to you.
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What options may be available to you?

Once you are at the end of your initial mortgage term you may have the option to:

  • Stay with your existing lender and pay the SVR (this only benefits the lender)
  • Complete a ‘Product Transfer’, which means finding a new product with the same lender (we can do this for you)
  • Remortgage to a new lender on a more preferable rate
  • Release money for home improvements
  • Consolidate your debts

A mortgage adviser will be able to assess each of these options for you and provide you with the best solution, so that you always have peace of mind that you are not paying more than you need to.

What our advisers can do for you

We can offer you a mortgage health check to give you peace of mind that you are on the correct rate. Alternatively, this may lead to moving your mortgage to a better product through remortgaging or a product switch.

If you feel that you are paying too much for your mortgage, you are on the lenders Standard Variable Rate (SVR) or you are simply coming to the end of your current mortgage product, then it may be time to remortgage. Remortgaging through Fenton Simpson can be quick and rewarding.

Our team will take care of the whole process from beginning to end, making it as simple as possible for you. Speak to an adviser today to find out more.

Your Questions Answered

Interest Only or Repayment Mortgage?

There are a lot of different terms in the mortgage world and the decision between Interest Only and Repayment is a big one. The vast majority of mortgages will be Repayment mortgages, which means that at the end of the term of your mortgage the mortgage will be totally repaid. An Interest Only mortgage is a higher risk product, you will only pay back the interest on the mortgage. This means that your debt will not ever decrease and as such through this method you will never pay off the mortgage. This type of mortgage is therefore much more common with landlords who may not have any desire to pay off the mortgage.

Ask your adviser what will be best for you and they will be able to help you make that decision.

Should I have a Fixed or Tracker Rate mortgage?

It depends on your circumstances and what you consider to be the best for you. Your adviser will talk you through the implications of each mortgage type. A fixed rate will give you peace of mind in terms of knowing what your monthly repayments will be, whereas a tracker rate may give you lower repayments but you must be prepared for potential rate rises which will impact on your monthly repayments.

How much can I borrow?

Mortgages are lent based on your affordability.  Lenders will judge your affordability based on your income (including commissions, bonuses and overtime), against your outgoings. Our advisers will assist and will be able to advise on which lenders affordability criteria you are most likely to meet.

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Welcome back! Please let us know who your adviser is and we will ensure that your query reaches them, alternatively you can now log into your case using the client portal. Please ask your adviser for further information.
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Full Name *
Phone Number *
Email Address *
How can we help?
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How can we help?
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