Whether it is at your current bank or at the competition there is a huge range of mortgage and remortgage services available at most banks today. They are services that cater to a wide range of needs and various lifestyles. Some institutions or banks even offer savings and checking account promotions like offering a second chance checking account. Here we explore just a few that you may consider discussing further with your choice of lender or remortgage company.
Without knowing what you need to ask about you can sometimes be taken for a ride and be subject to poor service. It may help to do a little research online or speak with other people about what they see as good service and products from their bank, or perhaps what they wish they could change.
Banks obviously don’t only offer mortgage and remortgage services, they have a wide range of accounts, credit cards, 2nd chance checking, insurance and more they can offer you as their customer. A big benefit of having a mortgage with a bank is that it can often mean you could receive added benefits on your other accounts or policies with them. Lower account fees, discounts on premiums or regular cash backs are just some of the incentives some banks provide customers who hold a mortgage or remortgage with them. Why spread your accounts and policies around a number of companies when you can keep it simple with just one, and receive added benefits at the same time!
As the banks are much larger institutions than small time lenders they can often allow their customers a little more freedom. A fantastic service to have when you need it is a payment holiday. This means that you can apply to have a break from your mortgage payment. Subject to their credit teams approval this could give you the opportunity to save a decent amount of money over a short period. This might allow you to pay off a few unexpected bills, take a much needed holiday or complete some overdue home renovations. Once the payment holiday is over you just resume with your regular payments again. Often this type of service is only available once every 12-24 months though, so use it wisely!
When you obtain a mortgage or decide to remortgage this is a good time to assess all your finances, especially if you are looking for debt advice to consolidation loans and pay off other debt at a lower interest rate. If you have other debt the bank may allow you to consolidate that debt into your mortgage. This service is a wonderful help to ease the stress of having more than one creditor to answer to and is also a fantastic help with keeping to a budget. Having one payment each month is much easier to keep track of and this type of arrangement almost definitely makes it easier to save money.
The mortgage and remortgage services that banks offer can really make your life a lot easier and your finances much easier to manage. Some lenders in the UK can also offer buy to let mortgage advice if you choose to go that route, to purchase the rental you are currently living in, depending on your credit and financial situation. It’s just about knowing that the services are there and not being afraid to ask about them. The competition out there for banks is huge and they are all eager to get your business so give them the opportunity to tempt you with what they have to offer!