What is Remortgage?
In simple terms, it’s a process of transferring your current mortgage into a new and more favourable deal. It usually involves switching to other lender.
Example: Mortgage balance: £150,000; Remaining term: 20 years; Property value: £200,000
Before: Lloyds, variable interest rate 3.99% – monthly payment £908.18
After: Nationwide, guaranteed interest rate (2yr fixed) 2.29% – monthly payment £779.60
It brings a monthly saving of £128.58 which totals £3,085.92 after 2 years.
This example is for illustrative purpose only and may not include all the fees you need to pay.
* Lower monthly payments – gives us immediate and noticeable savings
* Mortgage term reduction – become mortgage-free quicker and pay less in interest overall
* ‘Frozen interest rate’ – guarantee of fixed monthly payments. In particular recommended to those whose current mortgage is on variable or tracker basis and who are concerned about rate movements
* Home improvements – time for kitchen upgrade? Or planning for house extension? – thanks to remortgaging you can create the required capital
* Raising capital to buy other property
* Switching into more flexible and suitable deal adapted to our current circumstances and needs
Remember that your mortgage is a long term commitment and similarly to other financial products (e.g. car insurance) you should regularly review if you have the right deal. Otherwise, it might turn out that you are losing out tens of pounds every month – which in long term calculation could mean thousands of wasted money.
Nowadays a good number of lenders offer their new customers covering the costs of Legal Fees and Valuation, which means that the whole process could be completed without major expenditures and relatively quickly.
Why choose us:
* Dedicated adviser who will lead the whole process from A to Z
* Free initial consultation
* Exclusive offers not available anywhere else
* Comprehensive service
* Professional help of our expert in optimising your mortgage and choosing insurance policies
* Our broker fee is only payable when you are awarded a new Mortgage Offer.
Whatever the purpose of re-mortgaging, contact us and our experienced adviser will check the most suitable solutions available to you on the market, taking all your current circumstances into account. Remember that the initial consultation is free and that we will do all the paperwork.
Do you need help? Call us on 0203-488-1751 or fill out the contact form below and we will call you back.