Changing Mortgage Provider
Our Remortgage Service - helping you make the right decision
Why choose our remortgage service?
Special features of what we offer include:
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Whole of market service - we cover most UK lenders
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Great Rates - Access to leading market rates
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Exclusive Deals - Access to exclusive remortgage deals not available on high street
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Fast turnaround - call us if you need to move fast!
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Less than perfect credit history? - We have lenders who will take into account previous defaults and missed payments
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Raising additional finance - If you are looking to raise finance we will look at all your finance options as well as remortgaging.
To investigate your remortgage options call our specialist team on 0117 403 4474 or fill in our call back form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. With the recent changes (long overdue) to the mortgage industry, the message from the Regulator and lenders to the UK public is to get professional advice.
As your mortgage is such an important transaction, good advice is imperative.
Changing Mortgage Provider
Changing mortgage provider and remortgaging can sometimes be beneficial to a borrower if they have come to the end of their current mortgage’s initial deal.
Remortgaging
When an individual remortgages they can usually do so with their current lender or a new one;, to either replace your existing finance, or to borrow more. There are several instances where remortgaging can be beneficial compared to sticking with their current finance arrangements, however before remortgaging it is important to carefully check if it would benefit you.
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When an introductory mortgage deal is about to end or has already ended: Many mortgages at the end of their fixed, discount, or tracker period put the borrower onto that specific lender’s Standard Variable Rate (SVR, these rates tend to be higher than introductory offers. By remortgaging it is possible to return to an initial deal which may save a borrower money overall. If remortgaging to reduce your monthly mortgage payments however it is first wise to check if any arrangement fees or exit charges you would need to pay would cancel out what you stand to save overall.
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When the value of property has risen significantly: If the value of a property has increased considerably since the last mortgage was taken out, it may be that remortgaging without borrowing more could reduce the Loan to Value (LTV) ratio of the mortgage. mortgages on lower Loan to Value (LTV) band’s tend to offer better rates, which may in hand reduce the size of the monthly mortgage repayments.
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The current mortgage does not permit overpayments: Some mortgages do not permit overpayments, if a borrower finds themselves in a position where they now want to make overpayments on their mortgage to pay it off faster, then they may want to consider remortgaging to a product that allows them to do so. They should however first think about any real repayment and exit fees they would need to pay first, to assess if doing so is worthwhile.
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To borrow more: It’s possible to remortgage a property to borrow more, this essentially works by the borrower trading some of the equity they own outright in the property for additional funds, which can be used for any reason the borrower likes. However this will prolong how long it takes to pay off the mortgage overall and may increase the size of the monthly mortgage repayments.
Before remortgaging
Before taking out a new mortgage it is worth shopping around different providers to try and find the best product for your needs.
There are also certain occasions when it may not be beneficial to remortgage for instance, if a borrower has had recent credit issues, they may find that the mortgages available to them are actually more expensive than their current one.
Mortgage adviser
If you’re interested in remortgaging you may want to think about using the services of an independent mortgage adviser, one who offers a ‘whole of market’ service will be able to use their expertise to search across a selection of products from different lenders to try and help you find the best deals.
To find out if Fair Mortgages could help you fill in the online contact form to request a call back for a free initial consultation. Alternatively you can call directly on: 0117 403 4474