How can you save money by remortgaging? Everyone is always talking abt it. How does it work in practice?
Any thoughts, advice help welcome!
Some years ago I was a financial advisor and on every remortgage I saw, people were essentially replacing one debt for another, often over a longer period to reduce immediate costs yet increase the total amount paid back over a longer period of time. Seldom was it in their interests although on paper it may well have seemed that way. The only way you will save money is to refinance with a more competitive lender ( when you will be leaving an uncompetitive lender behind ). But you must look at other things like arrangement fees, redemption fees, what happens in the future to the rate etc. Refinancing over a longer period is fine if you wish to cut present day costs but remember you will pay a lot more back overall. It’s all down to a question of current need but be careful. And in every event, please try and go to leading high street lenders where in theory they should be clearer deals.
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