What is a remortgage?
Remortgaging is simply switching your mortgage borrowing from your current lender to another one without moving home.
Why remortgage?
There are a number of reasons you may be considering switching your mortgage to another lender, including:
- You may be paying too much for your loan and just want a better deal elsewhere, enabling you to reduce your outgoings.
- You may want to raise additional capital for something major - like a new car, some home improvements, a second home, or to inject into your business.
- You may be coming to the end of a fixed rate term with your current lender and simply reviewing all the best options available.
- Adding existing debts to your mortgage may both extend the repayment term and increase the overall cost of the debt.
Things to consider before remortgaging
You could save a lot of money by changing your mortgage, but you should not do so without first working out the costs involved and weighing these up against the potential savings. Some lenders offer specific remortgage packages where they pay for your legal and valuation fees. Depending on the terms of the mortgage product you are currently on - particularly if it's a fixed rate, discounted rate, or cashback deal - you might incur an early repayment charge which you would need to take into account. It might be worth waiting until any special deal period has ended before switching. A qualified mortgage adviser will be able to do the calculations for you to establish the best time to make the switch to recoup any costs, and the best lender and product to switch to.
Finding the right remortgage product
Many lenders offer a wide range of remortgage products, including fixed rates, capped rates, discounts, cashbacks, flexible deals and trackers. When looking for a new mortgage lender and product, the interest rate is not the whole story - you must also be careful to take into account the arrangement fees and any early repayment charges that may apply. It is important to understand all the advantages and disadvantages of any new product you are considering, and it is worth taking advice form a professional mortgage adviser who will be able to explain them to you.
Mortgage Dimensions makes finding the right remortgage product easy for you.Whatever your reason to remortgage, as we have access to a large panel of lenders, our aim will be to arrange a suitable loan for you, with a lower interest rate than your current mortgage. With access to over 35,000 mortgage products from most of the UK banks and building societies - including some exclusive deals not available on the high street - plus a complete range of specialist mortgages, it makes sense to take advantage of our expertise and inside knowledge of the mortgage market. Not only can we recommend those remortgage products and lenders most appropriate to your needs, but we'll look after your application throughout the whole process, from beginning to end, ensuring that everything goes smoothly, with the minimum of fuss and no delay....and there's no fee for our service!
Enquire online or call to talk to us on
0845 021 0212
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
