Help with Remortgaging

If you’re considering remortgaging but you’re unsure about how to go about getting the best deal and when to switch, this guide is for you. 

Remortgaging doesn’t have to cost you the earth, in fact, in many cases, a mortgage broker can help to save you money on your next mortgage whether that be in fees, or by finding a deal with a cheaper interest rate to reduce your monthly repayments.

What is remortgaging?

A remortgage describes a scenario in which you take out a new mortgage on a property that you already own. Remortgages account for about a third of home loans made in the UK.

For most people, a mortgage is the largest financial commitment they will have. In the same way that you might search for the best deal on a new car, it makes sense to review your mortgage periodically to make sure that it is still the right option for you.

Our friendly advisers have expert knowledge of the options available and can help you to review your individual circumstances and take any appropriate action.\

What does Remortgaging mean?

Remortgaging is the process of renewing your mortgage, either when your current deal is about to expire or because you want to find a cheaper or more flexible agreement. 

Lots of mortgage products have a fixed interest rate that is set for a fixed period, most commonly 2 or 5 years. 

After this period ends, the rate reverts to the lender’s standard variable rate or SVR and this is when mortgage repayments can become expensive. Switching your mortgage to another deal before this happens can help you to reduce the amount of interest you pay and could lower your monthly repayments. 

A mortgage is one of the biggest financial commitments you’ll ever make, so it makes sense to keep checking that you’ve got the best deal. Over time, circumstances change too, so remortgaging to a different deal or mortgage provider could grant you the flexibility or change in terms and conditions that you’re looking for to fit in with your lifestyle.