Remortgage
Mortgages
Mortgage advice that’s as unique as you are
Remortgaging
Remortgaging means switching your existing mortgage to a new deal—either with your current lender or another one. This could reduce your monthly payments, improve your interest rate, or free up equity for other purposes.
Why Remortgage?
Homeowners remortgage for various reasons, with cost savings usually being the main factor. When your current mortgage deal ends, your lender may move you onto a standard variable rate. This rate is often higher and can increase your monthly repayments.
Common reasons for remortgaging include:
- Securing a lower interest rate: Switching may reduce monthly costs if better rates are available.
- Debt consolidation: You can release equity to repay higher-interest credit cards or personal loans.
- Funding home improvements: Accessing equity could help finance extensions or major renovations.
- Choosing a fixed-rate deal: Fixing your rate gives more certainty in your monthly budgeting.
- Avoiding the standard variable rate (SVR): Most SVRs are higher than initial mortgage rates.
- Capital raising: You can release equity to invest in a buy-to-let property.
Remortgage vs. Product Transfer – Know Your Options
A product transfer might be available if you’re happy with your current lender. This means switching to another mortgage deal without changing lenders.
Product transfers can be quicker and may not require legal or valuation costs. However, it’s important to compare product transfers with full remortgages. You might get better rates elsewhere, even after fees are included.
What to Consider Before You Remortgage
Before remortgaging, make sure you understand the potential fees and changes involved:
- Early repayment charges (ERCs): Leaving a deal early may result in a fee.
- Valuation and legal fees: Some lenders offer free legal work, but others may not.
- Extending your mortgage term: This could lower your monthly repayments but increase your long-term interest costs.
- Affordability assessments: A new mortgage requires a fresh application and financial review.
Is Remortgaging Right for You?
Each financial situation is different. That’s why it helps to speak with a qualified mortgage adviser. We will examine your circumstances, check if fees apply, and compare internal and external deals.
Important Notice
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Ready to Remortgage?
If your current mortgage deal is ending, or you’re simply looking to reduce your monthly payments, we’re here to help. Contact us today to discover how much you could save by remortgaging.
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