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What is remortgaging?

Remortgaging is when you move your mortgage to a lender with a lower interest rate. It’s a good way of saving money – providing you find the right deal.

Even a small reduction in your interest rate will translate into a saving of hundreds of pounds. However, before deciding to remortgage your home, it’s essential that you’re aware of the penalty charges you may have to pay for terminating your existing agreement.

Simply contact your mortgage provider, or an IFA, to add up the costs of switching mortgages – there are so many variables involved that it’s important that you get professional advice first.

Competition between lenders means that it’s now easier than ever to secure a better deal on your mortgage. All you need to do is give your details to a mortgage broker or IFA and wait for them to approach you with the latest offers.

It’s essential to shop around and make sure that you get at least three quotes before buying any financial product.

How do you choose the best deal?

A cheaper interest rate is the main thing to look out for when remortgaging your home – but make sure that you keep an eye out for any hidden catches.

Some deals tie you in to buying mortgage insurance, or feature penalties that ensure you’ll stay with the lender after the special rate has expired. Obviously, there’s very little point in switching mortgages to save money only to find yourself tied in to what transpires to be a more expensive deal!

Costs of remortgaging

Remortgaging carries with it unavoidable costs that you’ll need to weigh up before making any decisions. For example, you’ll need to pay for a valuation and solicitor’s fees. Additionally, your prospective mortgage lender could charge you arrangement or application fees.

The costs could eventually add up to outweigh the amount you’ll be saving so it’s essential that your IFA, or mortgage broker, gives you a detailed estimate. Some lenders will pay towards the costs of switching mortgages in order to secure your business, but may charge a higher interest rate, so do weigh up the pros and cons carefully.

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Going through an estate agent

Estate agents will often try to sell you a mortgage, alongside the house you’ve just purchased. However, it’s doubtful that they’ll give you a good deal.

Frequently, estate agents will claim to be independent mortgage advisors, when they’re actually in partnership with just one lender. Your estate agent gains commission from the deal, but you’re unlikely to profit.

Ask your estate agent who they deal with – if they name just one or two companies, it’s improbable they’ll offer you a competitive deal. Don’t allow a pushy sales pitch to sway your decision – if your estate agent suggests you may lose the sale if you don’t buy the mortgage plan offered, a quick call to your seller will remedy the problem.

Always make sure that anyone selling mortgages is CEMAP qualified. For further details, contact the Financial Services Authority on 0845 606 1234.

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How to check up on a mortgage broker

The Financial Services Authority regulates the mortgage industry – authorised mortgage brokers are listed on their register. To check whether your mortgage advisor is registered, simply type in the name of their firm, or reference number, at http://www.fsa.gov.uk/register/

It’s essential that your mortgage broker is registered. If you act on advice given by an unauthorised firm or individual, you won’t have access to compensation from the Financial Ombudsman service if the information proves incorrect.

If you have a complaint about a registered mortgage broker, you should first attempt to resolve the matter with the firm. If that fails, contact the Financial Ombudsman Service at:

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR

Tel 0845 080 1800

www.financial-ombudsman.org.uk

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What do mortgage brokers charge?

The first meeting with your mortgage broker is usually free, following that, an hourly charge of £50 to £150 (plus VAT) is typical. Sometimes you can negotiate that your broker receives commission from the deal instead.

Always ensure that your mortgage broker explains their charges on your first meeting – you should receive an Initial Disclosure Document explaining their policy.

When your broker recommends a mortgage, they must also outline their reasons for choosing that deal in a Key Facts Illustration document. The document will also include details about the broker’s fee and any commission.

Should I pay fees or commission?

Paying your mortgage broker an agreed fee is advisable. If you agree to pay commission, your mortgage broker’s advice may be influenced by the amount they’ll receive from that particular lender.

Whichever option you take, always check the mortgage you’re offered against the latest Best Buy tables – you can access these tables from the Financial Service Authority’s website.

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Getting a mortgage through a mortgage broker

There are several types of mortgage broker you can consult – it’s important to be aware of the differences between them in order to ensure you get the best possible advice.

From 1st June 2005, government regulations stipulated the following classes of mortgage broker:

Tied Brokers

Employed by one lender, this type of broker can offer only a limited choice of deals.

Multi-Tied Brokers

While multi-tied brokers can offer a more varied range of mortgages, they’re unlikely to offer the best mortgages on the market. This is because they choose to represent the lenders who offer them the best commission, rather than the most consumer-friendly packages.

Independent Brokers

The flexibility of being able to approach any lender, combined with years of experience in the industry, are the main reasons why independent brokers offer the best deals. They use specialised computer programs to scour the whole market range in order to find a mortgage which suits your needs – not theirs.

The Financial Services Authority has banned mortgage brokers from ‘cold calling’ people at home, so never respond to unsolicited calls offering mortgage advice. And always make sure that your mortgage broker is CEMAP, or MAQ qualified.

Contact the Financial Services Authority on 0845 606 1234 if you’re unsure about your broker’s credentials.

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