IS IT WORTH REMORTGAGING WITH A NEW LENDER OR SHOULD I JUST STICK WITH MY CURRENT PROVIDER?
It may well be beneficial to remain with your current lender by way of product transfer however we will confirm if this is the best option by comparing against our comprehensive range of lenders. If moving to a new lender is beneficial we can help or if remaining with your current provider is beneficial we can in the majority of cases assist with this also.
RELEASING EQUITY
Thinking about renovating, extending or need funds for other personal consumption? Remortgaging and releasing equity can be one of the cheapest ways of borrowing. Speak with us to see if this is a suitable option for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
RELEASING EQUITY
Thinking about renovating, extending or need funds for other personal consumption? Remortgaging and releasing equity can be one of the cheapest ways of borrowing. Speak with us to see if this is a suitable option for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
FAQ
WHY SHOULD I REMORTGAGE?
A remortgage means you are taking out a new mortgage on the property you already own. People most commonly remortgage because their current product is coming to an end and this is the time to find another product that is available on the market to lock into.
Other reasons people may remortgage before the end date of their product is to help fund home improvements, to release equity if the value has gone up and cash is needed or you are concerned about raising interest rates and you are prepared to pay an early repayment charge to secure a new deal.
WHAT COSTS ARE INVOLVED IN REMORTGAGING?
There are some costs involved in remortgaging that you should be aware of. If you are ending your current deal early, then you may have to pay what is known as an early repayment charge to your existing lender. This will vary from lender to lender and will depend on the time remaining on your current deal and the amount outstanding.
There may also be product fees you will need to pay your new lender and solicitor fees and valuation costs.
Your mortgage broker may also charge a brokerage fee which should be taken into account for budgeting purposes.
WHEN SHOULD I CONSIDER REMORTGAGING?
If you are approaching the end of your current deal, then it would be wise to look at deals that are currently available around 4 months prior to your product ending to ensure you do not go into variable rate and possibly substantially increase your monthly payment.
It is always worth keeping an eye on what lenders are currently offering as sometimes you can benefit from paying an early repayment charge and securing a better deal with another lender. A mortgage broker will help you work out what will be best for you in the long run and work out your overall costs.
HOW LONG DO I WANT TO STAY IN THIS PROPERTY?
This is an important question to ask yourself before remortgaging and consider your long-term plans. For example if you are looking to start a family and need a bigger home then it may not be wise to tie into a long term product whereby you end up paying a large amount on exit fees. However, if you do not see yourself moving, then you may like to tie into a longer mortgage for peace of mind and long term budgeting.
IS IT EASY TO REMORTGAGE?
You have already been through the application process once and in order to remortgage with a new lender, you will have to do the same again.
Even as an existing borrower, the lender may still want to do all of their own checks and that could include credit history and any commitments you currently have before they are able to make a decision on whether to lend.