All about remortgaging

What is a remortgage?

It is when you take out a mortgage on a property you already own. This can be done in different ways for different reasons; to switch lenders to get a better rate, to borrow more for home improvements, debt consolidation or to buy another property. You may have paid your mortgage off and looking to raise money again on your home.

Usually, a mortgage will be most people’s biggest outgoing each month so getting the best deal can make a huge impact. As brokers, we can fully research the market for you and advise on the best option.

Let’s look in more detail at how a remortgage may help you…

You want to release some equity

Your home may have increased in value or you may have been overpaying your mortgage resulting in having more equity available. This could give you the option of remortgaging for a higher amount to give you cash to make some home improvements; a new kitchen/bathroom or an extension. Or maybe you are looking to raise a deposit to allow you to purchase another property. Sometimes releasing equity can be used to consolidate debts.

You want a cheaper rate

If your current mortgage deal is coming to an end in the next 6 months, we can start to look at options for you now. When the mortgage deal does come to an end you will normally be placed on your current lender’s Standard Variable rate – this is normally considerably higher than what you will be currently paying.

You want to reduce your mortgage term

You can reduce your overall term when remortgaging or you can choose to overpay each month with some lenders. When you use a mortgage broker we can research the best rates available and you may choose to reduce the term of your mortgage with the monthly saving!

Benefits of using a mortgage broker to remortgage

Mortgage rates recently have experienced a huge amount of change, not only have rates increased but lenders criteria has also become more complex. We can do the research for you, and you will have peace of mind knowing you have the best deal available to you.

We do the whole application for you and liaise with the lender and solicitor on your behalf – providing you with regular updates.

When the deal is next up for renewal we will contact you in advance to go through your options.