27th February 2008

Mortgage Payments Increase by up to 35%

More than one million home owners face a jump in their mortgage payments of up to 60% when their current fixed rate deal ends. Analysts fear that the impact of this increase will result in a surge in repossessions.

Many could switch to a new fixed or discounted rate, but some will have no choice but to pay costly standard variable rates. In the worst case scenario someone currently paying £854 per month on a £150,000 mortgage fixed at 4.5% could see their payments increase to £1146 a month on a standard variable rate.

If you take out a new mortgage without moving home, this is classified as a remortgage or refinancing of your property. There are many reasons people look to remortgage their home, however typically people want to do one or a combination of the following:

• To release equity from their home for such things as; Home improvements, to pay for a wedding, to support a child through university or to purchase a second property.
• To pay off commitments at higher rates of interest such as; secured loans, store or credit cards.
• To take advantage of a more competitive mortgage deal, reducing their monthly payment.

Questions to ask when remortgaging your home

How do I get the best deal? How do I find the right product? How much would it cost?

It is imperative that you seek independent, professional advice from a qualified mortgage adviser who is authorised and regulated by the Financial Services Authority. This is one of the largest financial commitments you are likely to deal with in your lifetime and it is therefore essential that you obtain the very best possible mortgage product available to you.

Goldman Mortgages will do the following for you:

Source the entire market as we are independent

Goldman Mortgages are independent, with access to over 100 mortgage lenders and 65,000 mortgage products. All our mortgage advisers are CeMAP qualified, authorised and regulated by the Financial Services Authority and are specialists within the mortgage sector.

Provide you with a quality, professional and efficient service

Goldman Mortgages have been nominated for the last 3 consecutive years for the British mortgage Awards mortgage broker of the year award. Having won the award in 2006, runner up in 2007 and have already been nominated for this years awards, you can be sure you will receive the very best possible advice and service.

Check if your existing mortgage lender is charging redemption penalties

By moving your mortgage from one lender to another, you are repaying your existing mortgage early. Some lenders may charge a penalty for doing this. We will ascertain what charges if any there are and take this into account in assessing the financial benefits of remortgaging.

Find a fee free remortgage service

With increased competition in the mortgage market and most lenders wanting to win business from each other, it is often possible to obtain a remortgage product with a FREE valuation, FREE legal service and NO arrangement fee. We will, where possible always look to keep any associated fees in remortgaging to a minimum and this will obviously be taken into account when advising on a suitable mortgage product and the benefit of remortgaging.

For a FREE, NO obligation review of your current mortgage please contact our office on 0800 881 8885, request a callback using the form on the left of this page, or complete the online enquiry form.