When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the preferential interest rate may have finished with your current lender; therefore you could potentially get a new preferential rate, or a lower Annual Percentage Rate, with another lender.  I will consider all circumstances with remortgage enquiries.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower Annual Percentage Rate, you must take into consideration the facts that:

The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable

You may have to pay an early repayment charge to your existing lender if you re-mortgage.

Feel free to call for an informal chat on 02890 627944 or contact us using our contact form.

There are normally no fees for mortgage consultation advice.  Any actual amount charged will depend upon your circumstances and is only usually requested in adverse applications.  

Your home may be repossessed if you do not keep up repayments on a mortgage.