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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. 

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