Smokers - see for yourself just what a difference giving up 20 a day would make. If you saved it over the balance of your mortgage term at the interest rate you are paying for your current mortgage; its worth about half an average house.
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There are many factors to be taken into account; for example, the size of your mortgage, how long it has left to run, what interest rate you are presently paying, what additional charges might be incurred and so on. In more normal times it would not be unusual to see typical savings of up to £100 to £200 per month.
However, these are not normal times. Whereas a year or so ago you could expect to come off a nice low fixed rate at the end of its term onto a much higher standard variable rate, now the reverse is true, with most SVRs well below the existing fixed, discounted and tracker rates. Unless you feel strongly that rates will rise sharply in the very short term and you want the security of a fixed rate, it makes very little sense to remortgage at present. It would seem prudent to wait and see what happens next, whilst enjoying a low rate of interest in the meantime.
Don't forget also that there are other costs involved including a valuation and conveyancing by a solicitor. You will be lucky if these costs amount to less than £1000, although you may find one of the lenders that will pay for them in order to attract your business. As I have said elsewhere, there is no such thing as a free lunch. If your costs are being met, remember that you may be paying for them in some other way.
A simple comparison between what you are paying and what you are being quoted by any new lender will give you an initial indication whether or not the deal is worth considering. But that is only the beginning, because an attractive initial rate may be followed, after a relatively short time, by some steep increases
Nevertheless, it is certainly worth examining a change of lender from time to time. In several cases in recent years I was able to save my clients between £200 and £350 per month with better and much reduced long term total costs as well as all fees involved being met by the new lender and no new early redemption penalty
Beware also the recent tendency, in the face of rising interest rates, for lenders to add large fees to the outstanding mortgage balance - up to 3.5% - in order to be able to offer enticing headline interest rates. There's not much point in remortgaging over 3 years to save £100 pm if the lender adds £3600 in fees, even if they pay all the other costs.
I recently succesfully challenged a DWP statement that a married couple were not entitled to Pension Credits. As a result, their income was increased by almost £175 per month
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