Summary

"Rate Tart" is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!

ReMortgaging - is it still worthwhile? Page 2

Author: Michael Challiner

For example, Birmingham Midshires currently offers a 3.89% two year fixed ( mortgage quotes ) deal. This

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Life Insurance News

looks like a clear bargain until you read the small print - the arrangement fee is not the market average of £500, it's a massive £1,499! If you write off the fee over two years at £749.50 per year, it's equivalent to an additional three quarters percent interest on a £100,000 mortgage.

So if you are tempted to remortgage you need to do two things. Firstly add up all the costs of moving your mortgage. Remember to add in the valuation fee (typically £250 on a £100,000 mortgage), ( car insurance quotes ) the arrangement fee (typically £500), maybe a booking fee (£50?), legal fees to switch the mortgage (usually around £350 on a £100,000 mortgage), plus the cost of any penalties you'll be charged to exit your existing mortgage.

Now it's time to phone your existing lender.

Tell them you are considering moving you mortgage for a better deal. Unless you put pressure on them, lenders frequently work on the principle that provided they offer a fairly attractive ( insurance ) deal, customer apathy will prevail. They rely on the fact that many borrowers will be happy to sit tight and avoid the cost, time and trouble of remortgaging. So shake their tree and see if a better deals falls out. If they simply offer you their standard variable rate they don't deserve your business!

Once you have fully assessed the costs of moving, found the best new deal you ( life insurance quotes ) qualify for, and got your existing lender to quote for keeping your business, you can make the comparisons and a clear decision.