A mortgage is one of the most significant financial commitments any person will make in his or her life. There are a variety of factors that will affect your ability to get a reasonable interest rate, but it does not mean that you can’t do anything else to ensure that you are getting the best deal possible. This is the reason why for some, remortgaging can save you big time by reducing thousands in interest repayment. Consider this – when you buy a consumer product, you always shop around first for the best deals. Of course, you do. Then why […]

While it is true that you can remortgage your home anytime you want, there is really not much benefit to it if your only reason for doing so is to switch from one mortgage lender to another. Timing is crucial to ensure you get the most out of a new mortgage deal. So, what are the things to consider when remortgaging? In the past, people tended to pay off their mortgage loan using the same lender all throughout the life of the mortgage. These days, this practice is infrequent indeed. It is now more common to remortgage than to stay […]

Remortgaging has become an increasingly popular money-saving approach amongst homeowners who are looking for better rates than what their current and respective deals are. Because mortgages can often put a sizeable dent in the bank, it’s not just an option that should be considered especially by those who can ill-afford the existing repayments or perhaps need the cash value that is currently locked within the property. As effective as remortgaging can be to save money and reduce overall expenditure in the long run however, the desired results that it can produce depends on knowing exactly when to pursue it. It […]

A remortgage can be beneficial in reducing expenditure on monthly repayments and ultimately aid homeowners is saving money. While this may certainly be its primary purpose for many homeowners however, a remortgage also provides a means for those lacking in funds to acquire some much needed cash in the event that it becomes a necessity instead of dipping into their own savings. But the amount that can be borrowed depends on a number of factors and can be a little tricky to ascertain. Here are a few elements that are generally considered by lenders to help them better form an […]

Many homeowners continue to take advantage of cheaper mortgage rates in order to pragmatically approach remortgaging and switch to lower repayments or in some cases release the monetary equivalent of their respective properties when the need arises. The popularity of this option stems from being a much more economical recourse but also a necessity to avoid having to move from their current residence due to of both stamp duty and high home prices. However, stricter rules make it more difficult to switch mortgages and lending criteria has changed and become complicated in the last few years. To this end, it’s […]

What is remortgage? A remortgage is the process of switching your existing mortgage deal to a new deal and potentially a new provider. You’re not moving house and the mortgage is still secured against the same property. You can remortgage to get a better rate or to raise capital. Why should you remortgage? Here are some reasons that you may decide to remortgage; To take advantage of a new, lower rate To consolidate debts To fix and reduce your monthly outgoings To raise capital for home improvements or property investment Taking a new deal can potentially save you money, depending […]

“Should I remortgage?” – the answer is yes, under certain circumstances. The main reason to remortgage is to reduce your monthly repayments. Reasons why you shouldn’t include an increase in interest rates or having to pay an Early Repayment Charge (ERC).   Why do people remortgage? There can be various reasons to remortgage but usually it is to get yourself a better deal such as a lower interest rate or a mortgage that suits your situation better like fixing the interest rate for a certain amount of time. It may be that you wish to take out some of the […]

How much does it cost to remortgage? When it comes to remortgage costs, you should take into account the monthly repayments as well as any associated fees and early repayment charges that may apply. This will help you work out exactly how much you will be saving by remortgaging. Below are some remortgage costs that may apply: Remortgage Arrangement fees Many lenders charge an arrangement fee to set up a new mortgage. The amount charged varies depending on the lender – with some not charging a fee at all. Some will be a fixed amount whereas some will be charged […]

What information do I need for my remortgage? There are several things you need in order to remortgage. See below our remortgage checklist. Existing Mortgage Details You need to have several documents in place before you can consider applying for a remortgage. This includes your current mortgage details, including outstanding balance, term of your mortgage and the monthly repayments. We will also need to know of any early repayment charges that may be payable. Income details It is important to check affordability of a mortgage and this can be done done through looking at income proof. This can be provided […]

What is a remortgage? Remortgaging means moving your current mortgage to a new lender whilst you remain in the same property. The main reason to remortgage is to ensure you are not paying more than you need to. Moving to a new lender with different interest rates could save you a lot of money in the long run so it is worth considering. You could remortgage to fixed your monthly repayments for a certain period of time – this will ensure your monthly repayments will remain the same during this time. Many people also remortgage to raise capital to pay […]

How does remortgaging work? Remortgaging is usually simpler than buying a new house and the chain of events is often shorter. It will often start by discussing what it is you would like to remortgage for whether it be to secure a lower interest rate or raise capital for home improvements or to consolidate unsecured debt. The size and remaining term of the mortgage can affect whether or not it is worth switching. If the cost of switching is greater than the saving, then it not worth remortgaging. How long does it take to remortgage? Once we have discussed your […]

You may want to remortgage for a variety of reasons including securing a lower interest rate, consolidating debt or raising capital for home improvements. There are several stages in getting a new mortgage however we are here to help every step of the way.  Below are briefly the main points of how to go about remortgaging your property. Firstly, a discussion around how much you can afford to pay each month should take place – including considering how much you could potentially afford if the repayments were to increase.  You may not necessarily be looking to reduce your payments but […]

Can I remortgage my home if I own it outright? Yes – however the mortgage rates available to you will depend on the loan to value ratio (the percentage of how much you want to borrow against the current property value of your home).  Some lenders may not offer you deals from their remortgage range but instead from their purchase range which could workout being a better rate for you. You will need to meet the lender’s criteria and prove that you can afford the monthly repayments of the new mortgage. Can I remortgage my home when I’m over 60 […]

You can remortgage at any time but it is not worth doing just to switch lender. There are certain times which could be more advantageous when it comes to remortgaging. So, when is the best time to remortgage? Low interest rates At the end of your current term When you have built up a certain amount of equity in your property When remortgaging and the costs of doing so still work out less expensive than your current mortgage   When is the best time to remortgage? When interest rates are low Mortgage lenders are always providing new deals and mortgage […]