How Does Remortgaging Work?

PUBLISHED: 20 April 2021
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

If you are looking to remortgage your home and want to know how does remortgaging work? We have a great service we can provide you with. Our advisors will be able to look at a number of lenders for you. These will be from across the market to ensure you get the best remortgage product that suits your individual circumstances. we will check to see how much you can remortgage for and assist with the process from enquiry to completion. We can ensure a smooth and hassle-free transaction by dealing with solicitors, surveyors and other 3rd parties.

According to a survey, 31% of people who rent or have a mortgage find that payments take up more than a third of their total household income. Like other businesses, mortgage lenders need to be on the lookout for new customers and they normally offer very attractive rates to persuade people to cancel their current mortgage and remortgage with them. These attractive rates will only be for a limited amount of time. These are called introductory rates, in the UK these can last from two to five years. After this period you will be put back on the standard variable rate.

When you are looking at remortgaging you will want to look at all the possibilities. There are three different ways you can remortgage, these are staying on the SVR, remortgage with your existing lender or remortgage with a new lender. Although there is a lot of savings to make, it is worth remembering that there are costs involved in remortgaging. This is because you are essentially taking out a new mortgage, you will be looking at paying the same sort of fees as you did when you first brought your home. As well the house will need to be revalued and there will be legal paperwork to be processed. Staying on the SVR makes sense if the costs outweigh the savings.

We are a professional finance broker with an office in Poole, Dorset. Providing mortgages for everyone. Fed up with the high-pressure tactics of the large corporations. Barrett Mortgages was set up by founder Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. During these times we have thrived because of our clear, trustworthy, honest and upfront service offered by us. These are times where clients have needed more individual and specialist help.

Our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from clients. We don’t just offer remortgaging advice. We can help to guide you through the process of buying your first home; Help you find a good buy to let property and mortgage that’s suits your financial situation. All of our services can help you save money and make the process less stressful.

Get in contact with us if you are looking for one or more of our services.