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Why you should be wary of jumping onto the remortgage bandwagon

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Written by: Christina Hoghton
21/09/2017
Switching your mortgage can save you a lot of money, but one broker urges borrowers to slow down.

Remortgaging has hit its highest point in almost 10 years, as borrowers flock to take advantage of the lowest-ever mortgage rates.

But one broker is warning that rushing to remortgage could be a mistake, particularly if you end up locking into a long-term deal that isn’t right for your needs.

Choice Finance is urging borrowers to seek help from a broker to best take advantage of the current climate and avoid making any costly mistakes. It argues that consumers can spend hours trawling the internet and still not find the very best deal, potentially rushing into the wrong mortgage.

Matthew Pennell, managing director of the firm, explained: “There is a lot of noise around interest rates and a rush to remortgage to make the most of them, but for those who aren’t fully savvy this could lead to people panicking and missing out on the very best deal.

“By talking to a broker, homeowners can ensure they really are getting the full benefits according to their personal circumstances, and aren’t rushing into agreeing to a fixed-term rate because they don’t want to miss out.”

Not only do brokers have the knowledge and experience to secure the best deals, they also have a high success rate, according the Intermediary Mortgage Lenders Association, with almost nine out of 10 mortgage applications that go through brokers completing successfully.

See YourMoney.com’s How to remortgage guide for more information.

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