When you're coming to the end of your current mortgage deal, it's definitely worth looking to see what else is on offer. Many homeowners choose to swap lenders in order to get a better mortgage rate.
A remortgage could reduce monthly repayments, enable you to move from a variable rate deal to a fixed rate one, or even release equity in your property to fund a project you have in mind.
Finding the best remortgage deal to suit your personal circumstances can be time consuming and confusing, so let us do the hard work for you. As a professional whole of market mortgage adviser we will do all the shopping around, taking into consideration fees and charges, in order to provide you with an expert recommendation on the best deal for you. If it makes more sense to stay where you are, we'll tell you.
We work for you, not the banks which means we can give you advice on all products from every lender – across the whole of the market.
Our initial advice service is free and without obligation. We'll only charge a fee should you proceed with our mortgage recommendation.
We deal with lenders on your behalf throughout the application process until completion.
The main reason most people remortgage is to get a cheaper rate to reduce the size of their monthly repayments. It is always worth checking that the mortgage rate you are paying is competitive. Your monthly mortgage repayment is likely to be be your biggest outgoing, and switching to a new deal with a lower rate of interest could save you a significant amount of money.
If you are on a standard variable rate and interest rates rise then the cost of your monthly mortgage repayments will increase. You may prefer the certainty of a fixed rate which anchors monthly payments down at a set level for a specified period usually 2, 3 or 5 years, so you can rest assured you will not pay more when interest rates increase.
If there is sufficient equity in your property, a remortgage can enable you to borrow more in order to undertake home improvements such as an extension, a new kitchen or bathroom or to carry out a loft conversion. Many mortgage lenders offer special rates to homeowners who want to remortgage to make home improvements, and some allow you to borrow more than usual for this purpose.
Flexible features, such as the ability to underpay, overpay and take payment holidays, can be very useful, especially if your income has gone up and you want to pay off your mortgage early, or you are taking a career break to look after your children, for example. Remortgaging to a flexible deal means you can pay off your mortgage in a manner that best suits your lifestyle
If you have built up personal debt on credit card and personal loans, you could potentially reduce your monthly payments by consolidating your debts into your mortgage. This is because the interest rate on a mortgage is often lower compared with interest charges on personal finance. However, it is important to remember that although the interest rate may be lower, by adding these debts to your mortgage you are spreading the repayments over a far longer period than a personal loan so you could pay out more in the long run.
Some people with a lot of equity in their home use a remortgage to fund the deposit on a buy to let property or even to buy it outright. If you believe there is money to be made in property investment, you could increase the size of your current mortgage and use the extra cash to put down a deposit on a buy to let venture. But don’t forget, becoming a landlord is a complex process and there are risks involved.
House prices in many parts of the UK have risen considerably in the past decade, leaving many young buyers struggling to purchase their first home. By remortgaging, you can release equity from your home and help your family financially.
You may want to free up some cash to finance a one-off purchase, such as a car, or to buy a holiday home. While this can be a viable option remember that, unlike a personal loan, with a mortgage you are putting your home at risk if you fail to meet the repayments, so it's important not to overstretch yourself.
Some people remortgage because they want to switch to a lender who may offer them better customer service. If your current lender isn’t keeping you happy or the service isn’t up to scratch, you may be considering moving on.
If you had a bad credit history when you took out your current mortgage deal you may have ended up with a specialist lender on a higher rate compared with a mainstream borrower. Assuming your credit issues are now in the past, you could potentially grab a better deal and a cheaper rate by remortgaging. We can assess your current needs and circumstances to determine what your options are.