So our current mortgage offer is reaching the end of its fixed term and I now have to make the decision as to whether to remortgage in the hope that that a better deal can be found and if I do whether I will go on a fixed term deal or a tracker, pay a fee or not, important decisions to make for anyone like me that doesn’t like spending over the odds.
When my then girlfriend, she’s now my wife, and I were able to buy our first home, we employed the services of a mortgage broker, now I did this as I wasn’t too sure on the complexities of the mortgage market and to be honest I just didn’t have the gumption to have to deal directly with the mortgage companies as a first time buyer.
This is the second time that I have been in a position to make such a decision. The first time that we remortgaged I did my own research looking at what deals the various mortgage companies would offer, don’t get me wrong this was still daunting and I was certainly still wet behind the ears, but I found a deal that I believed to be best for me and went with it, this time having to deal with the company direct, taking the time to ring chasing them and them chasing me, a pain to say the least.
This time has been different, I have still carried out my own research using the various mortgage comparison sites such as London and Country, uSwitch, Money Saving Expert and Compare the Market, but this time instead of going directly through these companies, I’ve done the unthinkable and actually gone to my current provider and asked what kind of deal they would be prepared to offer, having experienced my loyalty to companies swept aside in favour of new customers I was surprised when my current provider offered me a deal that is tempting to say the least.
The mortgage market has become tougher since the 2007 crash and companies want to know everything about your spending habits to your inside leg measurement before offering you a mortgage. I could quite easily have made the application online but instead I have chosen to go into one of their local branches to discuss my application with them, I’ve done this to take away some of the pressure and the possibility of me making errors in the application process.
So what have I learnt from this experience?
1. First and foremost is to not be scared of contacting your current provider, they might just offer you a deal that you can’t refuse.
2. Do your own research first using any of the sites above and also direct to some companies that might not be found using comparison websites
3. Mortgage brokers can be your friend, not only can they ensure that they find the best deal for you they can also take the stress out of the administration of obtaining a mortgage.
UPDATE – Well I had my visit with a Mortgage Adviser and am pleased to say that we were able to get a decrease in our monthly payments and as a bonus they are giving me £250 as a thank you for my loyalty with them.