Remortgaging How Does It Work In Bournemouth

PUBLISHED: 8 March 2021
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Looking to remortgage your home and want to find out how it all works? Our advisors will be able to look at a number of lenders from across the market to compare products to ensure you have 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, by dealing with the solicitors, surveyors and any other 3rd party to ensure the transaction is smooth and hassle-free. According to a survey carried out by Ipsos Mori, 31% of people who rent or have a mortgage find that payments take up more than a third of their total household income. Even if your mortgage payments are below this level, if they are a significant part of your budget then getting the best possible deal could give your finances a significant boost.

Just like any other business mortgage lenders have to be on the lookout for new customers and will attract them in but offering some very good rates for a limited time, these are called introductory rates, in the UK these can last from two to five years. After the introductory rates have ended, the mortgage will continue on the lender’s standard variable rate (SVR). At this point, borrowers have essentially three options stay on the SVR, remortgage with their existing lender or remortgage with a new lender.

Although there is the potential for healthy savings to be made by remortgaging, its worth remembering that there are also costs involved. As you are essentially taking out a new mortgage you will be looking at paying fees to do this as you did when you first brought your home. Your house will need to be revalued and there will be legal paperwork to be processed. It is also entirely possible that your current lender will charge an exit fee and there also may be early repayment charges. makes sense if the cost of setting up a new mortgage outweighs the savings, for example, if your mortgage is due to end in a few years anyway.

Not only do we offer remortgaging advise but we do it for buy to let and first-time buyers, we are here to help as many people as possible. Set up by Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett Mortgages has meant that our business has thrived during these times when clients have needed more individual and specialist help. All 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.

Want our advice? Please get in contact with us if you are interested in our services. Take a look at all of our other services here!