When looking for
remortgage quotes there are some simple questions you need to ask your mortgage advisor as this will determine which lender you go with and the mortgage product that you select.
Fixed or variable rate, a
mortgage advisor should have there finger on the pulse and understand which way mortgage rates have moved and also the direction they are likely to move in the future.
Repayment or interest only, this will depend on your risk profile, if you want the certainty that you will be mortgage free at the end of the term then take a repayment mortgage, if you want to have a gamble that the stock markets are going to out perform savings then ask your broker for mortgage advice on investment deals.
How long do you want to be tied in for, lenders offer both fixed and variable deals for two, three and five year, it is also possible to fix for even longer periods. If you are settled and not looking to move in the near future, long term fix rate can offer you some security. However these deals have expensive tie-ins, and good
mortgage advice will save you thousands.
Are you looking for a cash back, some lenders will give you a percentage of your mortgage balance as a introductory bonus. So if you are looking to do home improvement or go on holiday you may benefit from this type of deal.
Flexibility, some lenders have flexible mortgages that allow you to over pay each month, take payment holidays and also have the benefit of a pre agree draw down facility allowing you to borrow more money with out having to complete any further paperwork.
Are you looking to move house in the near future, some lenders will let you port your mortgage across to a new property without penalty it is important that you check the terms and conditions your mortgage advisor will be able to tell you if the product is portable.
What if you have bad credit, There are lenders who are still arranging finance for people with a poor credit history but the rate and fee are high due to the credit crunch. Hopefully in time to come rate will improve.
These are just some of the questions you need to ask your broker, to help you get the most from them and the best rates.
