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Remortgaging your house - what you need to know:
A remortgage can save you a significant amount of money, and is usually for two main reasons, either because a current mortgage is coming to an end or even though the mortgage term is not over - there is scope for a better rate.
The current mortgage deal is about to end:
As the best mortgage rates are usually for a limited period of time - usually between two and five years - at the end of it, the mortgage tends to revert back to the standard variable rate. This can be much higher than the original deal and often necessitates a remortgage.
The current deal is not finished but you want a better rate:
The obvious thing to consider here are the early repayment charges as they can be a significant amount - often between 2 and 5% of the outstanding loan. Additionally, lenders may charge an exit fee to get out of the mortgage. Bearing this in mind, remortgaging mid-term involves taking into account savings from the new rate minus the various additional costs involved in exiting the mortgage mid-term.
Read our guides on remortgaging your home here.
Points to consider when remortgaging your home:
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How does remortgaging work?
Remortgaging means changing your current mortgage deal whilst you remain in the same property.
Should I remortgage?
You can remortgage at any time but it is not worth doing just to switch lender.
What information do I need for my mortgage?
You can remortgage for a variety of reasons such as securing a lower interest rate, consolidating debt or raising capital for home improvements.
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We’ve built our reputation on long lasting relationships with our clients. You will recieve regular contact from us beyond your initial application. When it’s time to remortgage, we will be in touch to discuss your options. Let Mortgage Wise take the hassle out of managing your mortgage.