Remortgaging Guide: Your Current Lender's Offerings

Take a look at your current lender's website and browse through it. Pretend you're a brand new customer looking for a mortgage. Most of lenders provide calculators that will enable you to enter a few details so they can give you an up-to-date 'quotation' for the sort of mortgage they might be prepared to give you on the basis of your earnings and their current rates. Enter the amount of your current mortgage plus your InstantValue™ Prediction from Mouseprice.com (if you've paid off some of it, make sure you only enter what you've got left to pay) and the remaining term, and see what it churns out. You may find that you are paying far more each month for an identical loan over the same period than a new customer would!

Also look to see if your lender has an online calculator for remortgages. These aren't really intended for you - they're for new customers who might be thinking of switching over from their current lender. See what comes up when you enter your details in this particular calculator.

Does your current lender appear to be offering new customers a better deal than the one you have? - if so, you have now established a bargaining position to renegotiate your present terms. However, before you pick up the phone to you present lender, spend a little more time to shop around the other mortgage lenders. You may find there are even better deals on offer or at least further strengthen your negotiating stance with your present lender.

See also: Remortgage Advice

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