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Authorised and Regulated by the Financial Services Authority
INDEPENDENT FINANCIAL ADVICE CENTRE
You should remember that past performance is not necessarily a guide to the future. Market and currency movements may cause the value of units, and the value derived from them, to fall as well as rise and you may get back less than you invested when you decide to sell your units. The tax treatment of investments and pensions is not guaranteed and may change in the future.
Your home is at risk if you do not keep up the payments on a mortgage
In many cases the mortgage provider may help you with these initial costs. If you have a good credit history and have never failed to pay for your existing mortgage on time, it can also be very simple to re-mortgage. The completion of a short application form, proof of your income and granting permission for your new mortgage provider to talk to your existing mortgage provider is in many cases all that's required.
Check whether you would have to pay a penalty for moving your mortgage to a different lender. Although so-called 'redemption penalties' charged by lenders have become generally less severe in the last few years, if you took out your mortgage a while ago you may find you still have to pay a proportion of your outstanding loan back to escape to another lender. In spite of this it can still make financial sense to pay this penalty for the savings made by switching to a cheaper or more flexible deal.
Take advice to help you decide
Finally, in all matters relating to re-mortgaging, independent financial advice can really help you make the right decision. Because not only is it prudent to take a second opinion and work out exactly whether you can afford the extra outgoings from your income, an independent financial adviser can put the decision in the broader context of how your finances are likely to stand 5, 10 or even 20 years from now.
That means taking inflation into the equation and setting the cost of your mortgage off against the other major drains on your income - living expenses, pension contributions, loans, the cost of children and the like. It's only when you've worked out the whole picture with an experienced qualified IFA, that you can make a decision and be confident that it's the right one.
Independence is the key word here - because although many banks and building societies would be pleased to offer you their mortgage services, the only lending services they would offer would be theirs! IFAs look at the whole universe of products before making a recommendation - not just one supplier. So, although you might think you've done well with a traditional bank or building society product, the chances are you could have found a more suitable mortgage for your circumstances. If you're considering a re-mortgage visit us first and we could save you from making a costly error
Risk Warning
Your home may be repossessed if you do not keep up repayments on your mortgage or a loan secured upon it. A person authorised and regulated by the Financial Services Authority (FSA) has approved this information. Independent Financial Advice Centre takes no responsibility for any action, which an investor takes, based on this information.
MORTGAGES
