So It was time for me to remortgage… I own 2 investment properties and both policies were about to revert to the normal policy rate.. The honeymoon was over. Under normal circumstances I would have been very eager to secure another reduced rate, but as interest rates are so low, I decided to take my time and look around….Immediately I was overwhelmed by the shear number of sites offering information and calculators.. How do you know which ones to use and why.. well I think its all about purpose.. for me the web was a research tool, plain and simple. I was not intending to actually purchase a mortgage on line, but felt as the market was changing so quickly I needed to bone up on the current refinance mortgage loan rates. I highly recommend comparison sites for this job. They offer a details set of specification with which to focus your search down to a small number of policies and lenders for you to check out more thoroughly. I spent a few hours checking out the biggest and most popular comparison sites as some have agreements to represent a different subset of the mortgage market.. Its important to be thorough and do at least 3 in my opinion.. Once I had my shortlist of products and lenders I was able to see what sort of interest rates were available on policies which fitted my requirements. I was keen to use an offset facility with both products so I could use savings to offset the loan repayments.. These policies are have slightly higher interest rates in general, which was clearly visible through my searches.I then took this wealth of information along to my financial advisor. This is an important point to make as the information I had gathered proved invaluable to him in terms of realising what aspects of the new refinance loans were important to me. I think many people end up with a ill fitted policy due to them not knowing themselves what aspects of the policy are important, such a payment holidays, offset facilities, lock in periods etc… I decent time spent searching the market helps you refine your requirements making time spent with mortgage professionals much more important..The result of my 3 hours spent on the web, meant I was able to have a effective meeting and finalise my requirements with my financial advisor and I have now refinanced both properties successfully. I wish you the best of luck in searching out the right policy for you.
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