Tips For Remortgaging

PUBLISHED: 3 November 2020
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

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 personal 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.

When you are looking to remortgage it is very important to look at the costs involved of setting up a new mortgage and if it outweighs the savings then staying on your SVR (standard variable rate) makes sense. This is also because you are essentially setting up a whole new mortgage and you will be looking at paying some sort of fees like you did when you first brought the property. Specifically, your house will need to be properly revalued and there will be legal paperwork to be processed. Your lender might even charge and exit fee to close off your mortgage and there may also be an early payment charge as well. This is basically a fee to compensate the lender for your decision to exit the mortgage early.

Mortgage lenders are always on the lookout for new customers and just like many other businesses they need to attract them and may offer attractive rates for a limited period of time. These are often called introductory rates. In the UK these can last from 2 to 5 years normally. If you are thinking about remortgaging, the golden rule is to add up all the costs and look at the savings on offer. Then see which is the higher number.

If we have interested you with our tips for remortgaging then you can get even more advice from us if you get in contact.