Don't secure your new deal until you have seen all the options available from all lenders
If your current mortgage deal is due to come to an end, or has already finished, then remortgaging could be a way to secure a new deal whilst potentially saving money on your monthly repayments.
When your original mortgage deal has come to an end there are a few options available:
· Do nothing and let your mortgage revert to a Standard Variable rate product.
· Stay with your current lender and chose a new product.
· Remortgage to a new lender and take a new product out at the same time.
If you are unsure of your options, not sure of the mortgage market and concerned regarding how interest rates have changed over the previous year then please get in touch where we can work with you to establish your goals and objectives. We will then complete our research from across the whole of the market before presenting back our advice and recommendations.
When looking at your remortgage options we will provide a full review of your needs and circumstances and will factor in options from your current mortgage lender AND those from across the rest of the market to present back the best solution tailored to your needs.
If proceeding with your existing lender is your best option we can progress this application for you.
Remortgage frequently asked questions
Can I borrow more whilst remortgaging?
You may be able to apply to your current or new lender to borrow more money as part of your remortgage application. This will however be dependent on the available equity within your home, the reason for borrowing and subject to affordability assessments.
When should I look at remortgaging?
A remortgage can take anywhere between 3 to 6 weeks to complete, however you are able to secure your next mortgage product from up to 6 months in advance. If you are worried about mortgage rates rising, securing a new deal as early as you are able to can help you lock in your next mortgage product.
How much does a remortgage cost?
Mortgage providers will often have remortgage specials available which include free standard legal work and a basic valuation.
If you prefer you can request us to look at products which do have fees, normally these are payable in return for a lower interest rate. Our advice will be to remortgage on to the product which is the most cost effective over the term of your new product term.
I am worried what will happen to my payments as rates have risen
By reviewing your mortgage as early as possible this will give you time to review all your options available. If the rate you are on currently is lower than new rates available as of today it may be you need to revisit your budget. Alternatively you may have the option to increase your mortgage term, though whilst this would potentially lower your payments it would increase the total amount of interest that you would repay back. Getting professional advice, tailored to your own needs and circumstances would help you review all options available to you, we would then provide a recommendation tailored to yourself.
Can I make changes to my mortgage at the point of remortgaging?
Absolutely, as part of our discussions we would work with you to establish your overall goals and objectives which we would then build into our research and recommendations.
Changes could include, but not limited to, reducing your mortgage balance by making an overpayment. Changing your mortgage term, by extending or reducing this. Borrowing more money on your mortgage or switching your repayment method from interest only to repayment.
All of these can be discussed with you at your appointment and then your goals will be factored into our research and advice.