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It's time to remortgage, but are you sure your current lender is giving you the best deal? Are you wondering if there are cheaper options on the market for you? Then its time to talk to a broker.
A remortgage will allow you to replace your old mortgage with a new one. It would also help you reduce the size of your loan and, as a result, get a lower interest rate.
However, minor differences in rates of a remortgage can significantly impact your repayments, making it crucial to get unbiased remortgage advice that you can trust. Our mortgage advisors are not only knowledgeable and experienced in all facets of remortgaging, but also have a personal interest in ensuring your satisfaction.
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If you are someone who searches around for the best mobile phone or TV contracts, you can use the same strategies to save money on your mortgage. Yes, we are talking about a remortgage.
Remortgaging refers to the practice of refinancing an existing mortgage for a new loan secured by the same property. You have the option of remortgaging with the same lender or with a new one. If you are already considering a remortgage, then you would find the following information useful.
A remortgage is a good option if your existing mortgage is about to expire or has already switched to the standard variable rate. Remortgaging will help you lower your mortgage bills, pay off current loans, and complete home improvement.
However, you must carefully evaluate whether you can afford the additional payment over the life of the loan. Remember, if you cannot afford the payments, your house could be at risk.
Remortgaging offers many homeowners the opportunity to save money, but it is not the right option for everyone. A remortgage may not be suitable if:
- You have high early repayment charges
- You need a loan of less than £25,000
- Your property isn’t habitable
- You have a logger
Major changes in your life, whether planned or unplanned, could render your current mortgage insufficient. In such an event, remortgaging allows you to negotiate your mortgage with lenders who are a perfect match for you now and in the future.
Your current agreement could be nearing its end, most fixed rate mortgages are only valid for two to five years before they become a standard variable rate mortgage. It will almost certainly be higher than the previous interest rate and the best rates currently available.
This may encourage you to look for a new low cost mortgage. Conversely, you may be willing to overpay on your mortgage to pay it off faster. You are able to do this after your fixed period, but most lenders will allow overpayments, up to 10% of the loan, without any early repayment charges during your fixed period.
In all such cases, a remortgage could be a good option
Remortgaging the house can be an easy way to generate funds for home improvements such as an expansion, an updated kitchen, or a second bathroom. That way, you will not have to abandon your current lives or relocate to meet growing family needs.
Remortgaging for debt consolidation involves using the accumulated equity in your home as collateral for a mortgage to pay off your current debts. It entails securing a new mortgage to pay off the old one or other debts you have.
A remortgage generally has the lowest interest rate on the market, resulting in smaller monthly repayments and making it a cost-effective way of managing your other debts.
Remortgaging takes around 4 to 6 weeks on average. It is much easier and faster than purchasing a new house because the property's deeds are already listed under your name when you remortgage, eliminating a major logistical component of the mortgage process.
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