There are a variety of different reasons for why you may be interested in knowing your options when it comes to remortgaging. Our Mortgage Advisors are there to listen to these, look at your specific circumstances and help you choose the most suitable deal available.
Remortgaging is the process of changing your current mortgage which you have on your home while remaining in the same property - you may do this with your existing or a new lender, depending on what mortgage product best meets your needs today. When your current mortgage deal is coming to an end (e.g. your 1,3,5 etc fixed term is over) you’re often transferred onto a lenders variable rate, which can bring a level of uncertainty. Remortgaging allows you to find a new mortgage deal that has a rate which you’re comfortable with.
Structuring your Remortgage
When remortgaging, it’s a great time to look at your current finances. Your financial situation may have changed over the course of your previous mortgage deal, you can look to adjust monthly repayments and mortgage terms accordingly to make sure you’re always on top of what works best for you just now and in the long run. Also, you may have considered using remortgaging as a way to consolidate other financial commitments or pay for home improvements - we can discuss this with you to find out what options are open to you.
What Information Should You Bring Along To A Meeting About Remortgaging?
Normally your latest payslip and bank statement, along with your recent last annual mortgage statement is a good starter. Your whole of market mortgage adviser will advise if they need any further afterwards.
What Are The Most Common Reasons For Remortgaging?
To get a lower rate than you are currently on, or being offered by, your current lender. Others reasons include borrowing extra money for home improvements or to consolidate existing debts for example.
How Often Should You Consider Remortgaging?
Normally a few months before the anniversary of the expiry of your special rate period and certainly before you go onto your lenders standard variable rate (SVR) thereafter.
Are There Any Additional Costs Associated With Remortgaging?
No, most lenders usually provide a free legal and valuation service to encourage you to switch lenders free of charge.