Thoughts For Remortgaging

PUBLISHED: 1 December 2020
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Remortgaging your home can be tricky and you will need to think about it carefully before you decide whether to do it or not. Remortgaging can save you money but sometimes it may even cost you more to remortgage. Our advisors will 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.

Like many other businesses lenders need to be on the lookout for new customers to attract and to do this, they may offer very attractive rates for a limited period of time. These are often called introductory rates and in the UK these can last from two to five years. After the introductory period has ended, the mortgage will continue on the lender’s standard variable rate (SVR), at this point, borrowers have essentially three options, stay on your SVR, remortgage with your existing lender or remortgage with a new lender.  Staying on your lenders SVR can be the best option in some cases, there is a golden rule, and that is to add up all the costs and look at the savings on offer. Then see which number is higher. if you would like some help with this process you can get professional financial advice from a qualified financial advisor.

When you remortgage you can also use it to release some funds from your mortgage to pay for things like a new car or house renovations. Get in contact with us if you are interested in our professional help.