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Remortgaging - What you need to know

What is remortgaging?

Choosing to remortgage your home requires careful consideration of three important factors: money, timing, and your personal circumstances. Essentially, remortgaging involves renewing your mortgage when your current product deal is due to expire. 

For example, if you have had a two to five year fixed rate mortgage which is coming to an end, you will have options available. 

It’s important to look at these options five or six months prior to your mortgage product expiring to avoid any possible big increase in monthly payments. 

Remortgaging gives you the chance to possibly take advantage of the current low interest rates to save money, or swapping to a fixed rate mortgage so you know exactly what you are going to be paying each month. It’s also helpful to know that you don’t even have to move house to remortgage!  

In what circumstances do you remortgage?

As outlined, one of the most common reasons for remortgaging is when your current deal comes to an end. When a fixed rate expires, you will automatically switch to the lender’s standard variable rate (SVR), which changes when the Bank of England sets a new interest rate. 

For many people, their mortgage is their biggest financial commitment in life. Another common reason as to why many people choose to remortgage is due to the financial benefit of switching to a deal with a lower interest rate. 

Remortgaging can also be advantageous for those wishing to free up funds for an extension for instance, or other home improvements, by releasing equity in a property that has increased in value. 

Other reasons include if you are starting a family or are expecting a big alteration to your income and need to find a mortgage that suits your needs. 

People may also wish to remortgage as they are wanting to borrow more on lower rates from their current lender. 

How do you arrange a remortgage?

The process of arranging a remortgage can take up to 8-10 weeks. It is advisable to speak with a mortgage adviser, who will be able to go through the remortgaging process with you. They can look at things like, your credit score, assess the market place for the most appropriate deals and negotiate and give you access to the whole market finding the best fit for you. It is worth remembering they will also take into consideration the mortgage term, exit fees and early repayment charges based on the information you provide them to ensure sound mortgage advice that they give you is tailored to you and be right for you until you pay off your mortgage. 

You’ll need to complete an agreement in principle and thoroughly consider all the costs, such as application, valuation, and solicitor fees before you start the process. 

Remortgage

Ross from Home Financial NW has helped me through every step of the mortgage process over the last few months, a process made much more difficult owing to the fact I am self-employed. He has expertly guided me through every stage of my application and helped me to secure a mortgage for a new house. Throughout the last few months he has provided amazing expert advice in such a friendly way, it has made the entire process super easy and stress free! I would highly recommend Ross to anyone I know.

Remortgage

Can honestly not recommend Ross Jones at homes financial enough, he’s been amazing our case was far from simple without the added issues from covid. He’s worked so hard to source us the best deal and to offer the best advice and guidance he could give, nothings been too much trouble. He fully guided us though the process supported ours decisions with data advice. Ross is Polite, professional, hard working, truthful and honest. Always quick responses to email and calls and goes that extra mile. I’ve already recommended Ross to multiple friends and family. He is an absolute credit to your team, thank you so much.

Remortgage

Fabulous service! This our second time using home financial and wouldn’t go anywhere else. Ross is very knowledgeable and extremely supportive through the whole process. Huge thanks for all your help 🙂

Remortgage

Ross and the team at Home Financial have been brilliant, can’t recommend them enough. They went above and beyond in explaining the process and putting us at ease. 5⭐

Remortgage

A fantastic company to deal with Lindsey was amazing and went out of her way to answer our questions. She made the whole process easy and hassle free! Will continue using Lindsey and this company in the future.

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