Remortgaging is where you can move your mortgage to a new lender. Unlike current accounts and utility contracts, this switch usually has to be carried out by paying off the existing mortgage with the funds from the new mortgage rather than simply moving it to a new provider. People like to do this to potentially save on the monthly costs, You may be able to secure a future fixed rate with known costs. With doing this you can also release funds to help pay for other things like a car or a house extension.
When you come with us our lenders will look at several lenders from across the market to compare products to ensure you get the best remortgage product that suits your circumstances. We can check to see how much you can remortgage for we can assist you with the process from enquiry to completion.
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- Why should I remortgage?The main reason is to save money. But there are other reasons: maybe your existing deal is coming to an end, another lender may have a lower rate of interest or perhaps you wish to increase the amount of your loan to pay for refurbishments.
- What do I need to prepare before I remortgage?You will most likely have a lengthy interview with the lender, where you will be asked about your spending habits.
- How do I get the best mortgage?Getting a mortgage is tough and you can’t just assume you will get another just because you currently have a mortgage. There are things you can do to boost your chances.
- What are the different types of remortgage?There are many different types of mortgages to choose from: fixed rate, variable, repayment, interest only. It’s a good idea to seek professional advice to help find out which mortgage is best for you.
- I’m self employed, can I still remortgage?You can, you just need to provide extra information. As well as all the paperwork everyone has to provide, you will also need to submit your company accounts and proof of income.
