In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may want to consider taking this step for a number of reasons, such as:
- To save money - if you’ve come to the end of a deal, you may find that another lender will be willing to offer you a better rate allowing you to save money on your monthly payments.
- To raise money - if there is some equity in your property, you may wish to remortgage to release funds to help pay for significant outgoings such as a wedding, your child’s university costs or provide funds for a child’s deposit to buy their own house.
- To avoid having to move home – if your property allows, it can often be cheaper to add an extension than moving home, remortgaging could provide the funds for the improvements.
- Has your financial position or credit rating improved since you took out your mortgage? If so, you may find a new lender will offer a more competitive interest rate.
The tightening of lending criteria in recent months has made financial advice more important than ever. Our advisers will take the time to listen to your needs and then explain the options available to you. We’ll then conduct thorough research and analysis to find a mortgage suitable for you.
You may have to pay an early repayment charge to your existing lender if you remortgage.
'Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it'