Thinking about remortgaging to secure a better deal? This can be a fantastic way to save money on your monthly outgoings or access additional funds for your needs. But a crucial question arises: should you navigate the remortgage process yourself by negotiating directly with your current lender, or should you enlist the help of a mortgage broker? Let’s explore the pros and cons of both approaches to help you decide.
Going Solo: Negotiating Directly with Your Current Lender
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Convenience Factor: It might seem easier to stick with your existing lender, as they already have your financial information readily available. This can potentially streamline the application process compared to starting fresh with a new lender.
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Loyalty Perks: Some lenders might offer special incentives to existing customers who remortgage with them, such as lower interest rates or waived fees. It’s always worth checking with your current lender to see what loyalty benefits they offer.
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Limited Options: By negotiating directly, you’re essentially confined to the remortgage deals offered by your current lender. This limits your ability to compare rates and features across the broader market, potentially missing out on a more competitive deal elsewhere.
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Negotiation Skills: Securing the best remortgage deal might require strong negotiation skills, especially when dealing with your existing lender. If you’re not comfortable negotiating on your own, it can be a disadvantage.
Teaming Up with a Mortgage Broker: Your Remortgage Sidekick
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Market Expertise: A qualified whole of market mortgage broker has access to a wide range of remortgage deals from numerous lenders, including exclusive offers not readily available to the public. This significantly expands your options for finding the best possible rate and features.
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Negotiation Power: Mortgage brokers often have strong relationships with lenders, which can give them more leverage when negotiating on your behalf. This can translate into securing a more favorable remortgage package for you.
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Time-Saving Efficiency: Mortgage brokers handle most of the legwork, saving you time and effort in researching different deals, filling out applications, and chasing paperwork. They can streamline the process, allowing you to focus on other priorities.
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Cost Considerations: While there may be a fee for using a mortgage broker, the potential savings you can achieve through a better remortgage deal can often outweigh these costs. Though any fees applicable should be disclosed to you upfront.
The Verdict: Solo or Sidekick, It Depends on Your Needs
Ultimately, the decision to use a mortgage broker or negotiate directly with your lender depends on your specific needs and comfort level:
- For a straightforward remortgage with your current lender and you’re confident negotiating, going solo might be an option.
- However, if you want to explore a wider range of deals, secure the best possible rate, and benefit from expert guidance and experience for a tailored and considered outcome, a mortgage broker can be a valuable asset.
Ready to Explore Your Remortgage Options with Confidence?
Our whole of market access, lender relationships and wide range of experience can prove invaluable in helping you with a remortgage. We can:
- Compare remortgage deals across the market
- Assess your eligibility for the best possible rates
- Negotiate with lenders on your behalf
- Take you through the entire remortgage process ensuring an outcome that aligns with your long-term objectives
Contact us today for a no-obligation consultation and unlock the true potential of your remortgage journey!
