Remortgaging need not be a hassle. In fact, it’s something we should all think of regularly to make sure we’re still on the best mortgage deal.
If your current mortgage deal is about to come to an end, it’s important to start shopping around for a new offer before you get transferred onto your lender’s standard variable rate (SVR) – this could be higher than your current rate.
We can provide you with all the information you need to help you understand your mortgage options and to get the best deal.
Depending on your circumstances, remortgaging could save you serious amounts of money. You won’t always be able to find a cheaper deal, but if you don’t at least consider remortgaging regularly there’s a chance you’re missing out on the opportunity to reduce your repayments or the total cost of the loan.
Remortgaging simply means replacing your current home loan with a new mortgage – you may not even have to move lender to do it, though you certainly shouldn’t be afraid to move if doing so makes financial sense.
Most people remortgage in order to cut the cost of monthly repayments, particularly when they come to the end of a short-term deal. But there are other reasons to consider remortgaging: to switch from a standard variable rate to a fixed or capped rate to get certainty of repayments; to switch to a more flexible mortgage; or to release equity in your property if it has risen in value.
To work out whether remortgaging will save you money, you’re going to need to do some sums, or get a specialist mortgage adviser to do them for you. Taking advice when remortgaging makes sense because an expert will help you find the best deals in the market and advise you on how much you stand to save.
Bear in mind that cheapest doesn’t always mean best. Also think about what suits your circumstances. If, for example, you would be unable to afford the repayments in the event of the mortgage interest rate rising, look for a fixed-rate product that offers certainty about what you’ll pay.
There are a range of reasons why you might want to move onto a new mortgage deal, they include:
- To save money
- To move onto a fixed rate deal so you can be certain of what your repayments will be
- To release equity in your home if it has gone up in value
- To fund home improvements
- To move onto a mortgage that better suits you current circumstances e.g. longer/shorter term or greater flexibility with payments
For a remortgage to be worthwhile both the cost and the product features of the new mortgage need to be right for you.
Anyone remortgaging should consider taking expert advice on the process. An independent adviser will help you choose the right type of product, help you identify the best deals and support you through the transaction.
Our expert advisers will undertake a comprehensive search of the market – looking at thousands of products – to ensure they find what suits your needs.
You may have to pay an early repayment charge to your existing lender if you re-mortgage
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Speak to our expert mortgage advisers today on 01244 904 410