Remortgages
Helping you find the best mortgage for your circumstances
What is a Remortgage?
A remortgage refers to the process of replacing your current mortgage with a new one. This could involve switching to a new lender or renegotiating the terms with your existing lender. The primary reasons homeowners choose to remortgage include obtaining a better interest rate, reducing monthly payments, accessing additional funds, or consolidating debts.
Key Considerations When Remortgaging:
Current Mortgage Evaluation:
a. Assess Your Current Deal: Review the terms and conditions of your existing mortgage, including interest rate, repayment type, and remaining term.
b. Early Repayment Charges (ERCs): Determine if there are any penalties associated with exiting your current mortgage early. Consider the financial implications of these charges when deciding whether to remortgage.
Objectives and Goals:
a. Identifying Your Financial Objectives: Determine the reasons for remortgaging, such as reducing monthly payments, accessing equity for home improvements, or paying off debts.
b. Long-Term Financial Planning: Consider your future plans and financial goals to ensure the remortgage aligns with your broader objectives.
Market Research and Comparison:
a. Interest Rates: Research current mortgage rates to compare them with your existing rate. Look for potential savings and consider the overall cost of the remortgage, including fees.
b. Lender Options: Explore different lenders and mortgage products available in the market to find the one that best suits your needs and offers competitive terms.
Costs and Fees:
a. Arrangement Fees: Consider any arrangement fees associated with the new mortgage. Compare these fees against potential savings to ensure they are justifiable.
b. Valuation Fees: Account for the cost of a property valuation, which lenders typically require to assess the property’s worth.
c. Legal Fees: Factor in the costs of solicitors or conveyancers involved in the remortgage process.
Seek Professional Advice:
a. Mortgage Brokers: Engage a mortgage broker who specialises in remortgaging to navigate the market and identify the best deals for your specific needs.
b. Mortgage Financial Advisors: Consult a mortgage advisor for an overall assessment of your financial situation and to receive personalised advice on remortgaging.
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Why Choose Us?
Capital Assure is an appointed representative of PRIMIS Mortgage Network. As a mortgage broker, we work for you and not the lender.
- Free mortgage advice with the UK’s most comprehensive panel of UK mortgage lenders
- Bad credit, self-employed, visa status, government help schemes, commercial, bridging and specialist finance.
- If you are looking for a loan, equity release or any kind of protection plans, then we have a referral network designed to assist you with the best possible advice
- Just need advice? We are advisors so there is no obligation to use our services, you can just give us a call for a chat without any hard sell.
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