What Are My Remortgage Options?

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What Are My Remortgage Options?

Ross Joyner runs through your Remortgage options.

My mortgage deal is coming to an end. What should I do?

About six to eight months before your deal comes to the end, have a look at the market to see what your home is worth now. See what your outstanding mortgage balance is. Then, speak to a broker as soon as possible so they can get some options for you.

It may be best to stick with your existing lender with a product transfer, or remortgage to a new lender. The earlier you get the ball rolling, the better.

How quickly can you remortgage?

You can start looking at the process six to eight months before your current deal comes to an end. A lot of lenders’ offers are valid for six months. But the process from start to finish, including legal work can be done in anywhere between four to eight weeks

Can I remortgage before my deal ends?

If you remortgage before the deal ends, you would end up paying an early repayment charge, in most situations. So it’s best to wait until your fixed rate deal does come to an end.

But it’s certainly worth looking six to eight months beforehand as the majority of mortgage lenders will allow you to switch products at that point.

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.

Can I move to a new rate where my current mortgage deal ends?

You can stay with the same lender without having to remortgage to a new lender, depending on your personal circumstances at the time.

Can I extend my mortgage term?

Yes, the majority of lenders will allow you to extend your term. This can reduce your monthly outgoings, as long as it fits their criteria and the mortgage doesn’t go past your retirement age. Again, it will depend on the specific lender’s criteria.

How long should I fix my mortgage for?

Most lenders allow you to fix for two, three, five or 10 years. It really does depend on your personal situation and goals at the time. It’s best to talk through with an advisor.

 

Can I remortgage with credit card debt?

Yes, you can. That will just feed into the lender’s affordability calculations. As long as it fits affordability, they will be happy for you to have credit card debt in the background.

What are the options if you have a Help to Buy loan?

If you have enough equity in your home and your income fits the lender’s affordability criteria, you can remortgage to take pay off the Help to Buy loan, just like you would with a standard remortgage.

How can a mortgage broker help with a remortgage?

Come and talk to us about seven or eight months before your deal is set to end. We will look at all the options with you and make a recommendation based on your specific situation.

It might be best to stay with your current lender, or it might be better to move to a new one. You might want to borrow more money, or perhaps extend your term to reduce the monthly repayments.

Whatever the situation, we will help you choose the most appropriate option.

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.