Remortgage

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTAGE.
The mortgage will be secured by a charge on the property of the customer.

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Are You Looking to Remortgage Your Home? Our Team Compare Remortgage Deals to Find the Perfect One to Suit Your Circumstances!

What is a Remortgage?

Firstly, it’s one of our most frequently asked questions and secondly, one of the most misunderstood parts of mortgages. Simply put, a remortgage is when you take out a new mortgage with a different Lender on your current property.

There are various reasons as to why people choose to take a new mortgage out on their home, including access to better mortgage rates, releasing equity in their home and to change to a mortgage deal more suitable for their circumstances.

Speak to a member of the team today to make sure that remortgaging is the right option for you!

Why Do People Choose to Remortgage?

For a Better Rate Make Short-Term & Long-Term Savings

You Need To Your Current Mortgage Deal is Ending

Release Equity You Have Money Tied Up in Property

For Flexibility Take Payment Breaks in Uncertain Times

1. For a Better Rate

Your Financial Situation Has Changed from When You First Took Your Mortgage Out...

Our lifestyle and circumstances can change at the drop of a hat, whether it is a new job or new family member, most changes have an impact on our finances - for better or worse. Chances are that your situation has changed from when you first took your mortgage out.

Remortgaging offers the chance to secure a better rate and a more suitable deal. Be aware – there may be an early repayment charge or even exit fees but it is important to consider the savings you’d make long term.

2. You Need To

If Your Mortgage Deal Is Coming to An End and You Have No Option but To Find Another Mortgage Deal...

You will still need a mortgage to cover the remaining amount owed on the property, unless you are lucky enough to pay it off, of course! It’s important to consider your options as most Lenders offer an appealing introductory rate but once finished, will put you on a Standard Variable Rate, meaning the interest could change each month.

With your mortgage deal coming to an end, there is no better time to speak to one of our Advisers and get a mortgage deal that fits perfectly around your lifestyle.

3. Release Equity

You Own the Value of What You Have Paid Off Your Mortgage.

Let’s say your property is worth £100,000 and you put down a £10,000 deposit. You would have a £90,000 mortgage. You have already paid off £20,000 of the mortgage, then your equity would be £30,000. Let’s say a year later, the value of your house increases and is now worth £200,000, you’ve paid off an additional £6,000 of your mortgage, taking the total paid to £26,000, so your equity would now be £136,000 (this is the current value of the property less the amount that is still outstanding on the mortgage after you deduct the amount already repaid – so £200,000 - £64,000 = £136,000). You now have the opportunity to remortgage your property.

4. For Flexibility

If You Are Pre-Empting A Change in Your Circumstances, You May Want A Flexible Deal.

There are times in our life when our finances may be a little less stable than usual and the regular mortgage payments are simply unsuitable, even unattainable, for our circumstances. Think maternity leave or redundancy.

Remortgaging offers the chance for you to switch to a plan which offers Payment Holidays, a flexible deal in which you can stop or reduce payments for a specific period of time. Be aware - they often come with higher rates.

Let's Get Started. Get in touch today to see how we can help. 0151 734 6777 Get Mortgage Advice

Remortgage Your Home