Let us help you remortgage – remortgaging is when you switch to another mortgage lender or product with your current mortgage lender.
3 out of 4 homeowners say remortgaging had a positive overall impact on their life
Remortgages can be used for various reasons. However, most people simply switch mortgages to save money on their monthly outgoings.
People who are looking to remortgage will already have a mortgage and will be looking to move to another lender, switch their current mortgage product with their current lender, release more equity from their house if you own the house outright or you’re looking to borrow money against it.
Why should you remortgage?
Because you’re looking to save money on your monthly outgoings
Your mortgage payments are most likely to be your most expensive monthly outgoing and more often than not, you will be able to remortgage your mortgage to a cheaper deal.
When it comes to remortgaging you may have to pay an exit free to leave your current lender or maybe an early repayment change however, that shouldn’t put you off as the savings are more likely to be a lot higher than the fees.
Because you’re looking to borrow more
You may be thinking about borrowing more money to make home improvements or to pay off any debt*, remortgaging is one way of doing that:
- Perhaps your current lender has said no to lending you extra money (a further advance) or the terms aren’t very good, remortgaging to a new lender might allow you to raise capital cheaply at lower rates
- You can release equity from your mortgage and remortgage with your current lender to another product that they have available.
*Always think carefully before securing other debts against your home.
I’m looking to move house, is that a remortgage?
If you’re looking to move house, you don’t need to remortgage, you will need to either:
- Take your current mortgage product to the new house
- Get a new ‘home mover’ mortgage
Either way, you will need to get a home mover mortgage opposed to a remortgage.
Why choose to use a mortgage broker when remortgaging?
Finding a new mortgage can be a daunting task, there is plenty of options available, industry jargon to understand and lots of paperwork to submit. Using a mortgage broker like ourselves, we can make the process less stressful for you and we aim to find the best deal for you and your circumstances.
A broker is a qualified and regulated mortgage advisor who will act on your behalf and speak to lenders about your mortgage and search the market to find you the best deal that suits your needs.
*3 out of 4 Homeowner static soured from NatWest