Remortgage
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Remortgage
All about remortgaging with Ross Joyner.What is remortgaging and what are my options?
Remortgaging is when you’ve had your mortgage in place for a couple of years and you want to get a new deal. Typically, your two or five year fixed rate deal is coming to an end. To avoid going on the variable rate, you need to remortgage to a more competitive product, perhaps with a different lender.When is it a good time to remortgage?
Most lenders allow you to remortgage six months in advance, so it’s good to start looking seven to eight months before your current deal comes to an end.Your home may have gone up in value a lot since you first took out the mortgage, in which case you could look to raise some funds for home improvements or to consolidate some debts. They’re the main reasons people look to remortgage. It depends on your situation at the time.
When is remortgaging not a good idea?
If you’re tied into a fixed rate deal, you may have an early repayment charge to pay – so that may not be a good time to remortgage.Your property may have gone down in value, which again may not make it a good time to approach a lender. If your circumstances have changed a lot since you took your deal, you might find it difficult to find a new lender. Or, you may have a small mortgage in which case the fees associated with remortgaging could mean it’s not worthwhile.
Perhaps you have had credit issues since you took out your mortgage – in which case your current high street lender may not be willing to lend to you anymore. It all depends on your circumstances.
Speak To an Expert
Even if you’re just started the process or you’re just thinking about moving or buying a home, it’s worth giving us a call. We’ll give you an idea of what you can borrow and what everything will cost. You can put a plan in place if you’re not quite there yet.
Why remortgage at the end of a fixed rate deal? What happens if I don’t remortgage after my deal expires?
After your deal expires, you would go onto the lender’s standard variable rate – which is normally a lot higher than the rate you’ve been paying. So if you don’t do anything, your payments would jump up quite a lot.
That’s why it’s important to speak to a broker to look at your options around six months before your deal comes to an end.
Okay, how do I improve my chances of getting a good re mortgage?
Make sure you make all your payments on time so there are no credit blips. Always get those mortgage payments made on time, and don’t fall behind on any loans or credit cards.
How can a mortgage broker help if I need to remortgage?
We will look at your personal situation at the time and advise you whether it’d be better to transfer to a new deal with your existing lender, or to re-mortgage to a new lender. The decision will be led by the rates and fees at the time.
Think carefully before securing other debts against your home.
You may have to pay an early repayment charge to your existing lender if you remortgage.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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