If you find yourself struggling to meet mortgage payments each month, perhaps it is time to look at changing your mortgage provider. Many people in the UK are in mortgage agreements which are costing them too much money each month, effectively crippling them financially. Does this sound familiar?

Most families have a limited monthly income which they have to live within. This normally includes rent or mortgage payments, EVERY month, regardless. Are you aware that you might be able to substantially reduce your monthly mortgage payments by changing to a different mortgage provider?

Some mortgage companies in the UK are now even able to offer you a cashback deal, giving you a lump sum to do some DIY or get a new car. It is worth getting as many quotes as you can from various different mortgage providers as there is a very good chance that you will be able to reduce your monthly costs.

Many people are scared by the term 'remortgaging' - not really understanding the process properly. It really is a very simple process which means simply moving your loan from one mortgage company to another, and normally a change in the interest rate, and term of the mortgage.

Even if you have missed payments to your existing mortgage provider, it is still possible to find a new mortgage provider, and make a new start. Look for a provider than can deal with bad credit, ensuring that they are regulated by the FSA (Financial Services Authority) – get a quote – and then repeat the process several times.

It's always a good idea to check what the interest rate on your new mortgage will be - as although you may be saving money on your monthly payments, you may end up paying more for the mortgage altogether! So this process of reducing your payments could end up costing you more in the long run, so make sure that you check this out.

If you are a home owner, then you have many options, and you may be surprised to learn how much money you could extract from your property by remortgaging to another provider.

In the UK, this process can be completed in a matter of weeks, so there is no point in blindly ignoring your mounting debts, simply pick up your phone, or computer, and have a look around for a new provider. You may be glad that you did!

Karen Richardson
Mortgage Locator

Mortgage-Locator, Helping you Remortgage Whatever your Circumstance