Remortgaging
Whether your current mortgage is up for renewal, or reached the end of it’s fixed period, we’ll be on hand to guide you through the remortgaging process to make sure you’ve got the right package for you & your family.
Your home may be repossessed if you do not keep up repayments on your Mortgage
Are you looking to raise funds for your home improvements by remortgaging? Perhaps you’ve reached the end of your term and you want to make sure you have the a competitive deal? If you haven’t remortgaged before, you may not be sure where to even begin and sometimes your situation can mean the process of remortgaging isn’t as simple as you thought.
There are plenty of options avaliable to you when remortgaging. Get in touch with us to find out more about remortgaging and see what your options are.
Your options...
If you like to know where you stand each month with your payments then a fixed rate is for you. The rate of interest that you'll be charged will remain fixed for an agreed length of time.
The rate charged on the mortgage ‘tracks’ that rate, usually for a set period of two to three years. You may have to pay a penalty to exit the agreement, especially during the tracker period. You may also be liable to pay an early repayment charge if you overpay on your mortgage during the tracker period.
A tracker mortgage may suit you if you can afford to pay more when interest rates go up – and, of course, you’ll benefit when they go down. It’s not a good choice if your budget won’t stretch to higher monthly payments.
These schemes allow you to overpay, underpay or even take a payment ‘holiday’. Any unpaid interest will be added to the outstanding mortgage, while any overpayment will reduce it. Some have the facility to draw down additional funds to a pre-agreed limit.
Discounted rate mortgages have the advantage of offering a gentler start to your mortgage repayments, at a time when money may be tight. However, you must be confident that you’ll be able to afford your repayments when the discount period ends and the rate increases.
How it works...
1. You'll tell us your goals & aspirations
2. You'll gather your documents and let us know your requirements
3. You'll receive our recommendations
4. You'll let us know you'd like to go ahead and we'll submit your application.
Common FAQs
Yes, we are able to not only review the current deals from your existing provider, but search a large panel of lenders to find the right mortgage for you.
There are many reasons why you may consider remortgaging, this could be to raise further monies for home improvement, could be you have recently come into funds and wish to review your options. However the most common is you are coming to the end of your existing fixed rate and do not want to go onto the higher rate. We can start exploring options 6 months prior to your change in rate.
We have no defined timescale to complete a remortgage, rest assured we will make the process as simple and easy for you.
Subject to reviewing property value, income and expenditure, along with a few other details, we will be able to look into raising extra money from your mortgage to enable home improvements. Other short term lending options are also available.
However alsways think carefully before securing other debts against your home. Your home may be repossessed if you fail to keep up repayments on your mortgage.
A fee of £350 is payable on Mortgage application.
It is always wise to review your mortgage to ensure you are getting the right package for you. If you are on a fixed term rate, normally it is best to review when this term is coming to an end, as this is when your rate is most likely to increase which will cause your monthly payments to increase.
Are you looking for a different question? Check out our FAQ page here.