Wondering if it’s time to remortgage your home? We know it can feel overwhelming when your current mortgage lender is not working out, and deciding whether to remortgage now or wait brings with it many factors to consider. If you’re in this position, not to worry -help and guidance are at hand with us.
My Mortgage Finder is your go-to when it comes to expert mortgage advice, from understanding current mortgage rates and evaluating existing deals to finding new lenders for your remortgage process. We can help and inform you on the best mortgage options for you, and whether the timing is right.
Let us guide you in all things remortgaging – from unpacking the jargon, exploring the pros and cons, to maximising your investment, and more!
Not yet looking to remortgage? See what other mortgage services we offer!
What is a Remortgage?
Remortgaging is the process of switching from your current mortgage lender to a new one. It can be an excellent way to save money, as you can typically secure a better interest rate or a better term than what you have now.
You can even use remortgaging to pay off existing debts or consolidate loans into one monthly repayment. With remortgaging, you don’t have to move house – it’s simply a matter of transferring your existing mortgage to a better deal.
However, if you are actually moving or thinking of moving house, then maybe a moving house mortgage is for you.
Get the most out of your mortgage
Remortgaging can be a great way to save thousands of pounds and make your financial situation more manageable. With the right remortgage deal, you may be able to secure a lower interest rate than what you currently have, reducing your monthly mortgage payments and helping you pay off your mortgage faster.
You could also potentially access better terms from different lenders, such as no arrangement fees or early repayment fees. Additionally, remortgaging allows you to consolidate existing debts into one single loan – meaning fewer monthly repayments and reduced interest costs. Remortgaging may even help you free up some extra cash to use towards the cost of living and other expenses!
To find out how your new mortgage could work for you, check out our helpful series of mortgage calculators!
Your FAQs: Remortgaging made easy
Remortgaging gives you the opportunity to find a better deal for your mortgage payments – you might have signed up for an excellent deal when you first got your house but, as time went by, more competitive rates may have entered the market.
Now, there are of course many advantages to switching to a better money-saving deal – and not just getting a better rate, though it’s a big one. Other perks you could take advantage of:
- Increase your borrowing amount – to include other payments or debts into one monthly payment.
- Unhappy with the service you’re getting – if you’re dissatisfied with the level of service you’re getting from your current lender, then you can benefit from remortgaging.
As remortgaging to a new lender can take a while, it is important to be patient and give yourself plenty of time. We recommend contacting us at least six months prior to the end of your mortgage deal. This gives your adviser enough time to secure the right rate for you and make sure there is no drop in the standard variable rate!
Contact us when you’re ready and we will do the hard work for you.
Applying for a remortgage is possible at any time, but there is no point in switching just for the sake of it. The best time to remortgage will depend on you and your financial situation.
Here are some potential signs that it could be time to consider switching to a new lender or better deal:
- Your fixed-rate mortgage deal is coming to an end.
- Your interest rates are rising and you’d rather switch to a better or fixed deal.
- Current interest rates are lower than the ones you got at the time of your mortgage.
- You have a significant amount of equity in your home since you bought it and want to access more competitive rates.
- You wish to overpay but your lender doesn’t allow this.
At My Mortgage Finder, we’ve simplified the process for you. Once you’ve made the decision that a remortgage is for you, start by finding out your credit score and your financial situation. That will give you important information that lenders look for, then you’ll be able to know whether it is the right time to remortgage.
Like any mortgage application, your income, expenditure, and credit history will determine what deals you get. Even though it is possible to get a mortgage deal with a low credit score, that is the case with bad credit mortgages – it is increasingly harder depending on the severity of your credit issues. Ensure you have all the correct information, documentation and a good understanding of your budgets and affordability. Having this information at hand will help your advisor find the correct remortgage deals for you.
The next step is easy, simply talk to one of our advisors by calling 0113 868 7860 for a consultation. With all the provided information you have given us, we will be able to go away and find the best remortgage offers for you.
We will apply on your behalf and present to you what you can get and what rates you qualify for – which you t
Factors to consider when remortgaging your home
House Worth – The more value your home has – or the level of equity it has – the better your remortgage offer will be. House prices change, and your home’s value may have changed since you bought it. That is why it’s important to request a home valuation as this affects how much you can borrow. Most lenders now offer a free basic valuation when remortgaging.
Loan Amount – Your loan amount compared to your property value will determine your interest rate. A lower outstanding mortgage and higher property value will, in theory, mean you will be offered a lower interest rate.
Early Repayment Charge – This is a type of fee that you may be charged if you leave your deal before it has come to an end. Our mortgage advisers will always try to tie in your current deal’s end date with the new deal’s start date. This will avoid going onto the standard variable rate if you’re on a fixed rate and paying an early repayment charge.