Re-mortgaging a home means you are not buying a new home, you are simply switching your mortgage to another lender or new product from your existing lender in order to get a better deal. When you first take out a mortgage, no doubt you would have secured the best deal that was available to you at that time. However your circumstances may have changed and the products on offer will have changed so do you know if your current mortgage is performing as well as it could be?

Re-mortgaging has become quite straightforward and commonplace as we live in a culture where changing providers, whether they are mobile phone, insurance or utility, is the norm. This has played to the advantage of the consumer who now has a wider choice of products to choose from.

There are many reasons why you might be thinking about re-mortgaging. Saving money by reducing your monthly payments is a key motive. Avoiding high variable or fixed rate interest rates is another that can be achieved by switching lenders. You may want to raise additional funds by releasing equity that would have built up over time from your property to spend on home improvements or to help your children get on the property ladder. Whatever your reasons, the team from Limetree in Cambridge can help ensure you get the best deal on the market.

With over 75 years’ industry experience, Limetree Financial Services in Cambridge have the knowledge to help you with the re-mortgaging process. We can source re-mortgage deals from a wide selection of lenders and as we are independent providers we are not obliged to stick with any particular one, we can choose the best offers for you from the whole market place.

Our team are always here to help you with re-mortgaging advice and as we know your life is busy, we can work around your schedule and are happy to meet at our office or at your home. We can help you decide whether it’s going to be of benefit to you if you switch lender and can help with any queries that you may have. We pride ourselves on our high levels of customer service and work in an open and transparent way ensuring you are kept in the loop throughout the whole process.

So if you would like some impartial advice about re-mortgaging, please don’t hesitate to give our friendly team of experts a ring on 01223 266140.

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Five Tips for Saving Toward a Bigger Deposit

We know that it can be hard to find the extra money every month to save towards your first or next home.  We’ve compiled these five tips – some of them a bit easier than others – that you could implement to save money.

  1. Reduce your food bills – some simple meal planning will help you reduce food and money waste. Spend half an hour every week planning the week ahead and write your shopping list to fulfil that menu.  Also consider changing supermarkets to one of the lower cost ones such as Lidl or Aldi for all or part of your shop.  Cook from scratch – convenience or ready meals are expensive, a healthy family meal can be made in under half an hour and will save you hundreds of £’s over the course of a year. Reduce your restaurant or takeaway meals so that they are treats – you will appreciate them all the more as will your back pocket! If you can’t resist the pull towards a pub or restaurant sign up to loyalty schemes or emails to take advantage of offers.
  2. Consider taking in a lodger – if you have a spare room or if your children could share for a short period while you are saving you can earn up to £7500 a year without having to pay tax (sign up to the Rent a Room scheme).
  3. Take a staycation – we all love to holiday but the average family holiday abroad (according to Expedia) costs £4800 plus £280 per week spending money.  Instead of booking a holiday away stay at home, book the time off work and spend days out with the family or as a couple.  If your single and saving then take some time off to visit with friends or family you haven’t seen in a while.  Explore the area you live in – go for bike rides.  If you really need to get away then consider camping, narrow boating or a lower cost holiday cottage in the UK instead of going abroad.
  4. Review your insurances and utilities – reviewing your insurance and utility contracts annually could save yourself a lot of money, utility and insurance providers rely on us having such busy lives that we don’t review our policies.  Price and policy rises can happen unnoticed and before you know it you could be paying a lot more than you realise.
  5. Manage your money – sounds simple, but if you set yourself a monthly budget and set up some standing orders into separate savings accounts e.g. a holiday fund, house fund, clothing fund that get transferred on pay day you are far less likely to fritter money.