Changing to a new deal with your current lender, or transferring to alternative lender, can:
- Reduce your repayments
- Shorten your term
- Raise funds for home improvements
- Consolidate your debts
- Or fit your mortgage around your changing circumstances
- Raise capital for to buy a buy to let
If you are coming to the end of your fixed rate, special introductory or discounted period speak to one of our remortgage specialists and let us find the most suitable deal for your individual needs.
Ideally, you should call us about six months before your current deal comes to an end. If it already has, give us a call now as you maybe on a variable rate, in which case we can start saving you money straight away.
Even if your current deal hasn’t come to an end it doesn’t mean that remortgaging isn’t for you particularly if:
Need to Know…
The value of your property has risen rapidly since you took out your mortgage
You may be in a lower loan to value band meaning you are eligible for a much lower rate. It’s always worth asking us to look at this, it won’t cost you a penny and could save you lots
You want to borrow more
Remortgaging to a different lender may allow you to raise funds cheaply on a low rate. This can be a great way of raising funds for home improvements and extensions. Some people even use the money for a new car, holidays and weddings. It is also a way to pay off other debts. The new lender will ask what the extra money is for and will ask for evidence if you are borrowing is a large amount. Speak to one of our brokers who will work out if this is the best, and cheapest way of borrowing more
You want to overpay, and your current lender won’t let you
If you have had a pay rise, inherited some money or had a win on the lottery, you might want to pay more on your mortgage but your current deal may only let you make a small overpayment. A remortgage will reduce the loan size and may even get you get a cheaper rate as a result. There could however be early repayment charges or exit fees which could outweigh any savings. Our brokers are more than happy to work out of if remortgaging is beneficially for you.
You want to switch from an interest only to a repayment plan
Your current provider should be happy to make this change for you, however we can help ensure that you get the best deal. It might be better for you to change part of the loan to a capital repayment and leave the rest of your interest only deal, particularly if you have an underperforming endowment plan.
You want a more flexible deal
If you are changing jobs, taking an extended vacation or going back into education, you might want or need to be able to miss a payment. There are mortgages which allow you to take payment holidays. There are also mortgages which allow you to combine your savings or current account with your mortgage. These mortgages, Offset, can reduce the balance that the provider charges interest on. Speak to one of our expert brokers if you want or need some flexibility. They will be able to explain all of the pros and cons and find a deal to suit you.