What is a remortgage?
A remortgage is when you own a property with a mortgage outstanding but are looking to switch to a different provider. This might be when a mortgage product is coming to an end (fixed-rate product) or you may have a tracker and have decided to change to a different type of product that suits your current circumstances.
We provide tailored advice and will always weigh up the option of staying with your existing provider or moving to a new provider, especially if you have a mortgage product with an early repayment charge that is still outstanding. We take additional care to make sure the correct advice is being provided.
Benefits of remortgaging
With mortgage lenders, there products are consistently changing. For example, if you bought your first home at the cheapest rate available at the time, that doesn’t mean that lender will still be the cheapest when you come to remortgage. Some lenders might target a market such as first-time buyers, so there rates are slightly lower, but for remortgages another lender may be more competitive. We will look at all available options to make sure you are getting the cheapest deal that meets all your requirements.
Benefits of remortgaging:
- You may get a better deal than what you would have gotten by staying with your existing lender.
- You could release some of the equity available in your property to use for a number of things such as purchasing a property to let out, home improvements, car purchase, clear off debts and many more.
- When remortgaging we could review the loan to value and check if you were far off a lower loan to value bracket which means you could achieve lower rates.
- Change the terms of your mortgage- repayment type, term, product type etc.
- Some lenders will offer remortgage’s with free legal’s.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.