Why You Shouldn’t Fall For The Freebies While Remortgaging

Offering freebies along with remortgage deals has become a common trend and it seems that remortgage applicants are flocking to none other than those offering the most freebies. Now, there is nothing wrong in getting freebies in return, but the point is that do these people ever realize the meaning of the popular saying – “there are no free lunches in this world”? Quite unlikely because if they had, they would never have opted for freebie deals, most of which attract relatively higher rates of interest and also a wide variety of costs and charges listed only in the fine print.

So, if of late, you too had been drooling over the offered freebies, I would recommend that you exercise a bit more self control and concentrate on finding the truth about the offered freebie deals. Lenders will always try to lure you with irresistible offers such as free property valuation, free loan processing, free loan arrangement and many others but if you are wise enough, you will never sign on the dotted line unless and until you have ascertained all the advantages and disadvantages of a remortgage offer. However, if you are just not able to resist the temptation, what is most likely to happen is that you will end up paying a high price for the so-called freebies, most of which will come in the form of increased interest payments.

It’s not that all freebie schemes are bad, but since most of them are there just to lure new customers, you can never tell for sure whether the freebies will really benefit you or not. So, in case you are still rooting for freebie schemes, I would recommend that you at least have a look at some of the most essential factors such as interest rates, exit charges, prepayment charges, late and missed payment charges etc. The most appropriate thing to do however would be to pick up a non-freebie scheme and use it as a benchmark to compare all the freebie schemes that might be available. This will give you a fair idea about the actual costs of these freebies, based on which you can then take the most appropriate decision.

For comparing and finding the best remortgage deals, I would recommend that you go online, contact lenders directly and request quotes from them. When you have the requisite information, you will easily be able to separate the wheat from the chaff and take the most appropriate remortgage decision. Freebie or no-freebie, you will thus be able to script a better financial future for you and your family.

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