Homeowners receive advice on remortgaging

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Financial Services > Mortgages > Mortgages News

Homeowners receive advice on remortgaging

Wed, 23 May 2007

Householders are being urged to follow some advice on remortgaging and avoid overpaying on their home loan.

Financial services provider Charcol.co.uk states that following the recent Bank of England base rate rise, many home loan providers have raised their standard variable rates, meaning that remortgage rates have also been affected and Britons now find themselves with uncompetitive deals.

The provider urges homeowners to follow its advice on remortgaging to ensure that they find the best deal.

Among the suggestions offered by the firm is to think ahead and ask about exit fees which should not be more than £225.

In addition, Britons should consider their mortgage term and think about ways to reduce it, such as paying a little extra every month, while contacting a remortgage solicitor can also be beneficial if a deal does not include legal services.

"Remortgaging needn't be a difficult process – once you have identified your individual needs it can be easily achieved online or over the phone," states Katie Tucker, product specialist for Charcol.co.uk.

Experts at price comparison site Moneysupermarket.com recently warned that the base rate rise could prompt many homeowners to seek advice on remortgaging.

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