Unlock lower interest rates and new mortgage options with a remortgage
A remortgage is a type of mortgage which involves switching your current mortgage to a new deal, arranged either with an existing lender or a completely new lender. The homeowner can apply for this new loan in order to borrow against the value of their property.
Those that do remain on the same deal for the whole term of their mortgage may be missing out on the potential benefits of remortgaging, not least the opportunity to possibly reduce the total amount paid back. In some cases, this could be a significant sum.
You may want to remortgage if you’re:
- Current mortgage deal is about to expire
- looking to raise capital for home improvements
- looking to increase disposable income through debt consolidation
- Looking to reduce your monthly payments on your mortgage
- Wanting capital to invest in a buy-to-let property
Think carefully before securing other debts against your homeTo find out if a remortgage is the right option for you, speak to one of our professional independent mortgage advisors for expert advice and assistance.
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The remortgaging process typically involves refinancing your existing mortgage with a new mortgage loan that has better terms and conditions than the existing one. When applying for a remortgage, you will need to provide information related to your current financial situation such as income, expenditure and asset details.
The lender may also require additional information such as a credit check as well as obtaining an up-to-date valuation. Once approved by the lender, there will be a small amount of legal work to be done before the old mortgage can be repaid and any surplus transferred into an account of your choice.
It is important to remember, that when remortgaging, there may be associated costs such as mortgage arrangement fees and legal fees which will need to be considered before proceeding. However, some or all of these fees may be avoided by selecting a particular product. Additionally, early repayment charges may apply if you switch mortgages during a fixed rate period, so it is important to check the terms of your existing product before taking out a remortgage.
To learn more about remortgages and how they work, contact our experts today for professional advice and assistance.