Why would you remortgage your property?

Reasons to Remortgage…

 

First of all, what exactly is a remortgage?

A remortgage is the process of finding a different mortgage deal for the property you currently own.

This could be with your current mortgage company, or a completely new bank or lender.

You would most often remortgage when your fixed term mortgage is coming to an end.

 

So why would you remortgage?

 

Your fixed term mortgage is coming to an end…

If you’ve been paying a set amount for a fixed period of time for your mortgage and as a result this fixed term is about to end, a remortgage is a fantastic opportunity to look again at what’s on offer, to find the best deal for you. This is instead of simply accepting the new rates your current lender automatically switches you to.

It doesn’t always mean switching lenders; but can mean saving money!

We’d recommend getting in touch at least 4 months before your term finishes.

 

The value of your home has sky rocketed:

Great news! If the market has made your home a lot more valuable, your location has become a favourite for movers or you’ve made some drastic improvements – it could mean your mortgage is no longer right for you and you’re overpaying.

 

The terms aren’t on your side:

For example, would you like to pay a lump sum either substantial or not, yet your current lender doesn’t allow this to happen, or perhaps you’re looking for more flexibility. Either way it could mean it’s time to look elsewhere.

(Of course in full knowledge of any early exit fees you may face from your current lender)

 

You’re searching for a better deal before the end of your fixed term:

This is a bit more of a challenge, as you may find with early exit charges and personal circumstances a “better deal” isn’t always what it seems. Don’t let that stop you from investigating, it can be the reason you save a lot of money and is worth considering if the sums add up.

 

These are just a few of the reasons you would consider a remortgage, everybody’s circumstances are different we understand this, we also understand how important it is to make decisions like this well informed and in control.

We offer a free no obligation consultation to help you find the best route. Arranging one is simple, get in touch with the team today…

 

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

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