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Dan Lukic, Residential
For existing homeowners, remortgaging can be a regular occurrence.
It is common practice to review your current mortgage deal 4 to 6 months prior to its expiry to ensure you get the best deal and don’t end up automatically switching to a standard variable rate, which can often result in increased monthly repayments.
So what are you waiting for?
Whilst many people re-mortgage to get the best deal on their monthly repayments, it is important to consider the bigger picture with your finances as you may wish to consolidate any existing debts you currently have, or free up some capital for home improvements.
As an independent mortgage advisory firm, we have access to the whole of the market meaning we are not restricted to any one specific lender. This enables us to put forward the most appropriate mortgage deal for your current circumstances, whatever they may be.
Contact one of our experienced mortgage advisors today to discuss your remortgaging requirements.
Dan Lukic, Residential
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Frequently Asked Questions
Here are a few of the commonly asked questions we get.
But if you need something answering you don’t see, contact us.
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When purchasing a home you would have most likely taken out a mortgage. Although the mortgage to you would have agreed could have been twenty five to thirty years, the mortgage deal will last between two and five years.
After the deal has ended your mortgage rate may change and could result in higher monthly repayments. This is due to the mortgage interest rate being charged at the lender’s standard variable rate (SRV) once a fixed deal ends. At this point it would be worth looking for new mortgage deals to potentially achieve a more suitable fixed rate, and keep your repayments low and affordable.
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The minimum deposit that some lenders will accept is 5% of the property value. However, if you only save this amount then your options could be limited, as most lenders will only offer mortgages to those with a minimum of 10% deposit. For example, if you want to buy a home for £200,000 you’ll need to put down a £20,000 deposit. The more you can afford to put down as a deposit, the wider the choice of mortgages you will have access to and the cheaper they will be.
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Below are some reasons why you might want to remortgage:
- Your current deal is about to expire/ has expired and has reverted to the lenders SRV
- Your circumstances have improved and you may be able to obtain a better deal
- You want to borrow money against your property
- Your property has risen significantly in value
- You want to switch to a type of mortgage, such as a fixed, capped or tracker
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The cost of remortgaging is dependent on various circumstances such as the terms you may have in place on your current mortgage, and the deal you may have been offered by the new lender.
When taking out your first mortgage you may remember some mortgage deals having large arrangement fees, while others had lower costs. Just like then, when remortgaging you will need to look at the different fees that could affect you. The main one to look out for is early repayment fees (also known as redemption penalties).
When taking out a mortgage, you should always try to think ahead to your next one. It’s also advised to find a mortgage broker who will go through all these terms with when a mortgage deal is offered.
If you are buying your next home and want to avoid early repayment fees, you may have the option of porting your current mortgage.
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The best way to make a decision on remortgaging is to speak to an independent mortgage adviser, or an IFA who specialises in mortgages. Your adviser can review your current deal and take your financial circumstances into account to find you the best deal from the whole of the market.