Remortgage

Remortgaging is the process of changing your mortgage on your existing property to a new one, switching from one mortgage lender to another. This new mortgage takes the place of the previous mortgage you had on the property. Many homeowners choose to remortgage when coming to the end of their existing rate, looking for better mortgage deals or planning to borrow more money against a property.

A remortgage may be suitable for you if:

  • The introductory deal on your current mortgage is due to end soon and you’d like to avoid being transferred onto your lender’s SVR (standard variable rate)

  • You want to consolidate multiple other debts

  • You need money to fund home improvements

  • You have a large expense coming up, like a wedding or school fees, or you want to help your children with a deposit, etc

  • Your property has increased in value and you want to benefit from a lower rate by going onto a lower loan to value (LTV) product

  • Your existing lender’s product transfer rate is high and remortgaging would be more cost-effective

Remortgaging may be unsuitable for you if:

  • You need a small mortgage below £20,000

  • You took out your current mortgage within the last 6 months

  • Your mortgage has high ERCs (early repayment charges)

For more information contact us.