Remortgages
When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.
Hassle Free Remortgaging
Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to raise capital for some home improvements or to consolidate debts.
It is worth noting that a remortgage to a new lender is not the best option in all cases. Here at The Mortgage Market UK we were research the whole of the market including your existing lender and will recommended the most appropriate deal for you ensuring you avoid any unnecessary costs
Why remortgage?
With your mortgage being your biggest monthly expenditure cutting the cost of it down should be a no brainer.
SAVING YOU MONEY
Making sure you speak to one of our mortgage experts before your current mortgage deal comes to an end could make you significant savings, don’t let you mortgage switch to the lenders higher standard variable rate.
RAISING MONEY
If you have equity in your home a remortgage to raise capital can be a very convenient way to pay for some home improvements to your property, such as a new kitchen or bathroom or that extension you’ve been wanting.
CONSOLIDATE DEBTS
You may also wish to use some of your equity to consolidate some of your debts such as a bank loan or your credit cards which are on higher interest rates than your mortgage is. While this could significantly reduce monthly payments, it might mean you pay more over the long term, so you should always seek professional financial advice from one of our mortgage experts.
When can you remortgage?
When you take out a new mortgage you normally start the mortgage on an introductory interest rate like a 2 year fixed rate for example, after your 2 year fixed rate comes to an end your mortgage will revert to the lenders standard variable rate which is generally much higher than your initial introductory rate.
We would advice you start looking at new mortgage options up to 5 months before the end of your existing deal.
We will take the stress out of you having to find your next deal, we will search the whole of market for you including your existing mortgage lenders deals ensuring your are getting the best deal available.
The mortgage process can take up to 4 weeks on average to get a mortgage offer then a further 4 weeks for the solicitors to carry out the legal work. When everything is complete your new mortgage will commence once your early repayment charge comes to an end.
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How much can I borrow?
By adding debt to your mortgage you are spreading it over the full mortgage term which although may reduce your monthly outgoings, may result in you paying a larger total sum. The debt will be secured against your property which means that your home is at risk of repossession should you fail to keep up repayments on your mortgage.
