Tips to seek a reasonable repayment mortgage deal
Even in this rather uncertain and negative housing market, there are some real competitive deals for repayment mortgage still available. They though come at a cost. It’s up to each individual to make a decision regarding a high fee (add it to the loan) for securing a decent rate. This strategy could be worthwhile for those whose mortgages happen to £ 150,000 or less provided the fee is on basis of a percentage of the loan.
More insight into remortgage
• One useful tip offered by financial experts is getting in an application early if you’re due to remortgage soon.
• You might secure a better tracker mortgage today than at a later date; the valuation, it means, gets done today. If the situation happens to worsen and you’re on the borderline of having 75% ‘loan-to-value’ or LTV, it makes sense getting it (the valuation) done now because the valuation may get lower, if lenders get tougher, potentially making your loan, say, around 80% LTV, experts note.
• The difference in the rate that you get, according to them, will be higher in proportion to your LTV.
• Those who sought high LTV loans two-three years ago are better off, experts think, given the fact that house prices have increased over that time period.