Should I use a mortgage broker when remortgaging?

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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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!

You might also enjoy

Renting Property vs Buying Property

The age-old question: rent or buy? This decision can significantly impact your financial future. While renting offers flexibility, buying a property can be a strategic investment that builds wealth and unlocks long-term benefits. Let’s delve into the key factors to consider, using clear examples with figures to illustrate why, in many cases, buying a property can be a smarter financial move than renting.

Read More
How long does the remortgaging process take?

So, you’re considering remortgaging to snag a better deal or access extra funds for that dream home renovation. But before diving in, you might be wondering: “How long will this whole remortgaging process actually take?” The truth is, the remortgage timeline can vary depending on several factors. Let’s explore what can make the process a speedy swap or a slow slog, giving you a realistic picture of what to expect.

Read More
What are the potential risks of remortgaging?

Remortgaging can be a useful financial tool, offering the potential to save money, access extra funds, or secure a more flexible mortgage deal. However, like any financial decision, it’s crucial to understand the potential downsides before diving in. Let’s explore both the benefits and risks of remortgaging, using clear examples to help you decide if it’s the right move for you.

Read More
What happens to my mortgage when I remortgage?

Considering a remortgage? It can be a powerful tool to save money, access extra funds, or simply switch to a more suitable mortgage deal. But with all the excitement, a crucial question often arises: “What exactly happens to my existing mortgage when I remortgage?” Let’s break it down with clear examples to shed light on this process.

Read More
What fees are involved in remortgaging?

Thinking about remortgaging to snag a lower interest rate or access additional funds for that dream home improvement project? While it can be a smart financial move, it’s important to factor in all the costs involved before you dive in. Remortgaging isn’t just about the new interest rate – there are various fees that can add up and impact the overall cost. Let’s break down the common remortgage fees and how they can affect your decision.

Read More
How much equity do I have in my property?

Ever wondered if your home is silently building wealth for you? The answer lies in a concept called equity, and understanding how to calculate and leverage it can be the key to unlocking exciting possibilities through remortgaging. But before we get ahead of ourselves, let’s delve into the nitty-gritty of equity and how it impacts your remortgaging options.

Read More
Scroll to Top