Remortgaging is a process where you effectively replace your existing loan with a new one, with a view to improving your terms and overall circumstances.
If you’re approaching the end of a fixed rate for example and want to avoid falling on to the lender’s standard variable rate (and inevitably your monthly payment increasing) then you’ll want to review your options…
It doesn’t always work out best to remortgage though, sometimes you’ll be better off staying with your existing lender – but it’s important to make sure you review the options available to make sure you aren’t missing out on a much better deal. More often than not, it may work out best to switch to a new lender altogether – it’s not unusual for people to save several thousand pounds over a 2/3/5 year period with a new mortgage deal.
When remortgaging you could raise capital from your equity for a number of reasons, some of the most common reasons include (but not limited to);
Gifting a deposit to a family member
Purchasing an investment property
There’s a lot to think about when your existing mortgage product is coming to an end, so don’t hesitate to contact us to explore your options.
For debt consolidation, it’s worth noting that we’ll need to give this a lot of thought – for example are you comfortable turning unsecured debt in to secured debt, how much more in total interest will be paid by putting the debts over a longer term, are you comfortable with reducing the equity in your property to repay the debts, and so on…
One of the main things to consider when remortgaging is the total term remaining on your mortgage – for example if your income has increased or you previously had debts which no longer exist and your budget has now relaxed a little, can we reduce your term and potentially save thousands in interest across a few years – and ultimately become mortgage free quicker?
Send us a message and we'll call you to discuss your requirements and explain the next steps.
We will always cover the cost of an initial consultation, so feel free to get in touch!