Remortgage Advice:
time for a new deal

A remortgage is the taking out of a new loan on a property you already own. It replaces your existing mortgage.

As an independent, whole of market advisor, we understand that remortgaging can be a complex process.

We specialize in assisting applicants in their journey of remortgaging their property. Our team of experts have the experience and knowledge to help you find the best mortgage options for your needs, regardless of your credit history or financial situation. We understand that every client is unique, which is why we take the time to get to know you, your needs and your goals before recommending the right mortgage solution for you.

We will also guide you through the application process and assist you in finding the best deal available in the market. With our help, you can remortgage your property with ease and confidence, and potentially save money on your monthly mortgage payments.

Why would you want to remortgage? People do it for several reasons:

• To get a better rate with a different lender – you might have started on a certain rate which has come to an end and would mean you switching to the standard variable rate (SVR) and therefore an increase in the repayment amount.

• To change mortgage type – perhaps you had an interest only mortgage and would like to change it to a repayment option.

• To release some funds (equity) – a home improvement project, for example, or a big life event, such as a wedding or university fees.

• To consolidate debt – arranging a new mortgage at a better rate could leave you with a lump sum that can then be used to pay off debts. Any kind of debt financing needs to be carefully considered to ensure you get the best solution for your needs.

• To buy a second property – remortgaging could release some funds to enable you to buy a second property either as a second home or Buy to Let.

Don’t Remortgage with your existing lender without researching the market.

To save time, you may be tempted to accept a new deal from your existing lender. However, the mortgage market is incredibly competitive and it could be that you find a more suitable deal for you by searching through a wider selection of lenders.

Do take advice on the best option for you

While you can research the market yourself; by taking advice from a mortgage broker like Your Mortgage Expert, you can save yourself time and money. They will research over 12,000 mortgages from more than 90 lender to find the most suitable deal

Don’t ignore the fees involved with remortgaging

When remortgaging your property, there could be a number of fees involved. So don’t just look at the rate, really you should look at the overall cost of the mortgage. Fees you should keep an eye out for are Early Repayment Charges, Exit Fees, Legal Fees and Valuation Fees. A decent mortgage broker will explain all of these options to you.

Don’t leave it too late

If you’re on a fixed term mortgage arrangement, it’s important that you secure a new mortgage deal before your existing one comes to an end. Otherwise, your current lender could move you to the standard variable rate which could cost you money.

Ideally, you should start considering your remortgage options 3-6 months before your deal comes to an end. If you secured your original mortgage through a mortgage broker, they should contact you to remind you with plenty of time to spare.

Do consider whether any of your finance or lifestyle factors have change

When you remortgage, it’s vital that you consider whether any of your personal circumstances have changed since you last secured a mortgage. For example, has the amount you get paid each month changed? Have you had a child? Have you paid off a loan? Taking all of this into consideration will help ensure you can afford to keep up with your future monthly mortgage payments

Let us help you with your options

Whatever you are looking for from your remortgage, whether you’re looking for to fix your rate for two years, five years or something more flexible, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.

To speak to a member of the mortgage advice team about your next mortgage, ring us now on 01634682813 or complete a contact us form and let them know when we can call you back.

We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.