Remortgage

When you remortgage, you switch your mortgage to another deal with another lender.

Many people are simply looking to switch mortgages because the monthly payments will work out cheaper for them. For example, the introductory discounted or fixed interest rate may have finished with your current lender and you are looking for a better deal with another lender.  Some may be looking to release money to do home improvements or raise funds to clear off some expensive debt.

A remortgage may not always be the best option. Even if the lender you are considering switching to is offering a lower rate, you must take into consideration the facts that:-

• The new lender may charge you for valuation and solicitors fees.
• If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
• There may be some exit fees or early repayment charges that you would incur if you leave your existing lender.

We will look at your current circumstances, outline what you are trying to achieve, whether you have any early repayment charges on your existing deals and discuss the options available with you.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. 

SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE AMOUNT PAYABLE.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.