Remortgage Advice Service
Special features of our remortgage advice service includes:
Whole of market service - we work with most UK lenders
Great Rates! - Access to leading market mortgage rates
Exclusive Deals - Access to exclusive loan deals not available on high street
To investigate your remortgage advice options call our mortgage team on 0117 403 4474 or fill in our call back form.
As your mortgage is such an important transaction, good advice is imperative.
Why consider a remortgage?
Most people remortgage in order to cut the cost of monthly repayments, particularly when they come to the end of a short-term deal. However, even if your current mortgage deal is ongoing, you may still have reasons to think about remortgaging. Some of these reasons could include:
To switch from a standard variable rate to a fixed rate in order to know exactly what your repayments will be each month
To switch to a more flexible mortgage – perhaps you now want the opportunity to make overpayments or underpayments on your mortgage without incurring a penalty charge
To release equity in your property if it has risen in value – you could then use this for home improvements or to extend your property
To consolidate other loans or debts
To ensure that your mortgage, along with all other household expenses, is as streamlined and efficient as possible
When to think about remortgaging
When you take out a new mortgage, you’ll often receive an introductory deal such as a discounted interest rate or a fixed interest rate. This will usually last for a set period – perhaps a few years - after you take out the mortgage, so it can be a good idea to review your mortgage when your current deal ends. Introductory mortgage deals normally last for between two and five years.
Once this period elapses you will most likely find that you are switched onto your lender’s standard variable rate (SVR), which will usually be higher than other rates that you might be able to get elsewhere.
Therefore, when your introductory period ends, it’s a good idea to have a look at what is available on the mortgage market at that point and find out if you could benefit financially and practically from remortgaging.
Remortgaging advice - What to watch out for
However, don’t assume that remortgaging will always save you money – remember that if your outstanding mortgage balance is fairly small, the amount you stand to save may be too low to make switching worthwhile, especially when the other costs of remortgaging, such as arrangement fees and legal expenses, are factored in.
Before you start the remortgage process, make sure you know exactly what the costs will be, bearing in mind that you are likely to need to cover legal costs, valuation fees, and various administration and mortgage fees.
While many mortgage lenders may offer special deals, such as no legal fees, or a money back offer, remember that this cost to the remortgage provider is likely to be made up somewhere else in the remortgage process.
Another potential cost pitfall for those looking to remortgage is any early repayment charges that might need to be covered before your existing mortgage lender will release you from your current mortgage deal. These are especially likely to be levied if you are still benefiting from a discounted or fixed rate.
Despite these potential costs, you may decide after careful consideration of the figures involved that remortgaging is going to offer you a better deal, financially-speaking, over the longer term. Or, you may find that the costs involved are outweighed by the practical benefits of remortgaging – for example, the flexibility to make overpayments or underpayments.
Remortgaging can be a complicated process, so to make sure you get the best deal get use our free remortgage calculator, above, to compare over 5,000 mortgage deals from over 70 different providers.
For more help and advice, you can speak to our dedicated team today on 0117 403 4474