Remortgaging could lower your monthly payments or help you pay off your mortgage sooner. You could also refinance to start your dream extension or simply avoid an expensive standard variable rate when your initial term ends.
Our mortgage advisors will listen to your requirements then advise you on the best options, tailored to your situation.
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Is it time for you to remortgage?
We can help you understand the options and advise if a remortgage could be right for you. Some of the key considerations are:
- Have you had a change in circumstances?
- Do you plan to add an extension instead of moving?
- Would you like to raise funds from the equity in your property?
- Have you had a change in job status, such as becoming self-employed?
- Would you incur high repayment charges or other costs by switching away from your current deal?
- Do you want to borrow a small amount – some lenders have a minimum amount they will lend?
Did you know…
There’s a range of other costs to take into consideration when remortgaging. Our mortgage experts will work with you to understand your situation and can factor in any additional costs into your tailored recommendation. These can include:
- Early repayment charges: early repayment charges are a penalty for leaving the mortgage before it comes to term, often calculated as a percentage of your loan value. Our experienced advisors will explore these for you.
- Lender’s arrangement fee: this is the administrative costs of organising your mortgage. This could be a flat fee or a percentage. Your lender will be able to advise of arrangement fees that apply to your particular mortgage. Your advisor will be able to advise on arrangement fees if they do apply to a particular mortgage.
- Higher lender charge: if the mortgage you are taking out is a sizable percentage of the property value (typically >90%), lenders may add an additional charge to insure themselves in case you can’t meet the monthly payments.
- Valuation fees: this covers the cost of hiring a surveyor to assess the property’s condition and value.
- Legal fees: these cover the cost of hiring a solicitor for the process of preparing the deeds and carrying out the conveyancing process.
- You can get instant online mortgage options in as little as 60 seconds with our online mortgage application, CalculateMy Mortgage. It combines an online mortgage search engine with our experience in financial advice, to help you understand the best mortgage options for you, anytime, anywhere.
Your home may be repossessed if you do not keep up repayments on your mortgage.