- Shop around
- Wise up to fees and charges
- Talk to your current lender
- Beef up your credit rating
- Get independent advice
5 Ways to Get a Great Deal on Your Mortgage
There are loads of good reasons people remortgage their homes. A new mortgage through a new lender – or a better deal through your current one – could help you consolidate debts, borrow more money, or simply take advantage of a better rate. And getting the right deal could save you a stack of cash in the long run.
So if you do decide to take the plunge, it pays to find a deal that fits your pocket. To get you started, we’ve put together five tips that could help you get a great deal. If you want to talk any of them through, give Which? Mortgage Advisers a call on 0800 316 4071:
1. Shop around
The golden rule of getting a good deal on anything is to shop around. So start researching as soon as you can. Our mortgage rates table helps you compare the total cost of remortgaging deals so it’s a great place to start.
2. Wise up to fees and charges
If you remortgage with a new lender, you’ll have to pay fees . These fees can be hefty – sometimes totting up to thousands of pounds. On top of that, your existing lender could slap you with fees and charges if you jump ship. So make sure you know what you’re paying for, and take into account the cost of interest and fees together when you’re looking for deals.
3. Talk to your current lender
Speak directly to your current mortgage lender. They might be keen to keep your business, and offer you a better deal than you’re getting at the moment. If they do, we can compare their offer to the rest of the market. We’ll also tell you whether you can save more by bypassing us and going directly to other lenders. Ask for a call back if you’d like to talk this through.
4. Beef up your credit rating
Your credit rating will affect the kinds of mortgage deals you’ll be offered. So start improving it as soon as you can. Get the ball rolling by requesting your credit report from Equifax, Experian and Callcredit. There’s tips on how and why you should do that – plus loads more – in Which?’s ‘How to improve your credit rating’.
5. Get independent advice
It’s always a good idea to speak to an independent adviser. At Which? Mortgage Advisers, you get a completely impartial service that’s based only on your circumstances. And because our expert advisers don’t get commission, they only recommend the things that are right for you – not the deals that are right for them.