KT Dodge

With so many different types of mortgages it can be really confusing to get the right one for you. I initially chose one of the cheap mortgages at a discounted rate for two years so that I would know exactly what my monthly outgoings would be. However, I made the mistake of not researching a new mortgage early enough when my ‘fixed rate’ mortgate was coming to an end and when it reverted to the ‘full’ rate it was a wee bit of a struggle as it effectively went up almost £200 per month. As you can imagine purse strings were pulled very tight during the 2 month period I had to wait to receive my ‘re-mortgage’ rate and reduce my monthly outgoings. You need to be careful when finding adverse credit remortgages.

Another thing to remember is that there is actually a great deal of cost involved when you re-mortgage (survey fee, solicitor fee, mortgage broker fee) and therefore, you should always weigh up this factor before changing lenders as you never know your lender may offer you a better rate if you contact them.