Thinking about Remortgaging? Whether you are seeking a new deal to save money or you are looking to release money for home improvements – we can help find the right Remortgage deal for you.
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People Remortgage for many different reasons, we are here to help you make sure it is the right decision, and get you the right deal.
Remortgaging in simple terms is when you switch from one mortgage lender to a new mortgage lender. There are many reasons why you might want to consider a Remortgage, for example you may want to borrow additional money to complete those much needed home improvements or more commonly you could just be looking to secure a better mortgage deal.
An important point to note is that a Remortgage is different from a Product Transfer. A Product Transfer is when you are simply switching to a new deal with your existing lender. Both options can be a good way to find lower interest rates and better mortgage deals.
Try our mortgage calculators which are designed to give you a general idea of your borrowing potential and mortgage repayments.
We are here to help you with your Remortgage.
There are many reasons why people Remortgage their property, see some examples below. If you do not see your specific reason below, please get in touch and we will let you know if it is possible.
Your current deal is about to end and you want to avoid paying your lenders Standard Variable Rate (SVR Rate). This is often higher than the deal you would have been paying and therefore remortgaging can save you a lot of money.
As mortgage deals can fluctuate over time, it may be worth checking to see if you can secure a better rate elsewhere saving you money in the process.
If you are currently on a variable rate, a common concern for some is that their mortgage lender or the Bank of England could increase interest rates meaning your monthly mortgage repayments may rise. Switching to a fixed mortgage deal may alleviate this concern.
Glossary
Standard Variable Rate (SVR)
A standard variable rate (also known as standard mortgage rate or SMR) – is the standard interest rate offered by a mortgage lender. It is the rate your mortgage reverts to once your initial rate comes to an end. You can avoid this happening by either transferring to a new product with your current lender or remortgaging to a new lender on the date the initial rate comes to an end.
Variable Rate Mortgage
A variable rate mortgage is any with an interest-rate that is not fixed, and therefore can change during the mortgage rate period.
Borrowing additional money on your mortgage can sometimes be the cheapest way of financing home improvements. Other options should also be explored as this additional borrowing will be secured against your home.
Fixed Rate Mortgage
This is a mortgage where the ‘initial’ interest rate is fixed for either a specific number of years or to a specific end date. During that time the monthly payment will not change providing you do not miss any of the payments, pay less than the amount due to the lender or make overpayments, all of which can cause your payments to be recalculated.
Speak to us about Remortaging
Enquire online or give us a call on 01772 929917
