When it comes to remortgaging, there seems to be a general consensus between experts and economists, now is the best time to remortgage, and the public at large seem to agree if the data is anything to go buy. The latest Bank of England statistics show that remortgages jumped substantially in November, data from October showed 30,429 remortgages while November had 34,262 remortgages. The trend is ever going upwards, as the six month average before this shows 28,210 remortgages.
If remortgaging is on your mind, then the chances are you have had a quick scan of the web looking for information, maybe even apply online. The truth is remortgaging is the simplest it has ever been online, with a wealth of information and hundreds of options to choose from, if that wasn’t reason enough we have five more reasons the internet is you best option below.
Shopping around is easier
Before the internet boom, finding a remortgage, or any financial product was the same as shopping for anything else, heading up town and going from branch to branch of every building society and bank. The only other option was to wait for the various Sunday newspapers ‘best buy’ comparison tables.
It doesn’t have to be pointed out that the growth of online comparison websites have made finding the best remortgaging deal easier than ever before. This has made remortgage products much more competitive, reducing rates and offering a variety of deals, but you can compare almost any combination of remortgages, such as fixed and tracker, and at the same time have all the fees and eligibility requirements laid out before you.
Exclusive deals
The best deals these days will almost always be exclusively be online from all the major banks and building societies. This is because they can make large savings by cutting out the middle man, aka the branch networks which cost huge sums to maintain, rent, heating and lighting, business rates and wages are some of the costs that go into every branch’s upkeep. By seducing consumers to apply online more and more the lenders can make large savings, which they can then pass on a portion of these savings to the consumers through better deals.
It’s a time saver and you can apply whenever is convenient
With the ability to apply online at any point twenty four hours a day, it cuts out the need to make an appointment with an advisor in branch, which in turn means reorganising your usual routine and requesting time off work. Applying through the lender’s website cuts out all this unnecessary hassle, what’s more, you can apply whenever you want or have the time to; the lender’s website is open 24/7 for applications even though they still work 9-5.
You don’t really need advice…
If you are new to the world of remortgages and don’t really know what you need or are actually looking for, independent advice from a mortgage advisor should be sort. For those that do know what they’re looking for, doing or have previous experience with remortgaging, then cut out the time wasting stages of receiving mortgage advice you never wanted and interviews you don’t really need by applying online.
When you have identified the right remortgage deal for your circumstances, the research you’ve done has satisfied you, then the last thing to do is fill in the website application form. The bonuses being by going down this route you save money and time by avoiding the need for middlemen.
Avoid fees
As a way of helping cover the branch network running costs, lenders will charge more in house for mortgage products as well as charge numerous fees to recoup some money. Though not on the same scale, brokers who are independent will charge what are known as a broker fee, or an advice fee to be the intermediary.
So to wrap up, remortgaging through the internet saves time, money and hassle, squeezes out the need for a broker and reduces or eradicates surplus fees and charges. If that was not enough, you will most likely find that lenders will lower the initial application fee as its being made online.
James writes for Just Remortgages one of the UK’s top sites for the latest remortgage rates and remortgage deals