Why Remortgage
Need some friendly advice?
Looking for a moving house mortgage can be a daunting task, that’s why here at Your Certified Expert our friendly team are happy to answer any questions you may have.
Our certified mortgage brokers are all accredited .
With finance being heavily regulated, the advice you receive will be from a certified broker.
No matter who you are, we’ve got what you need.
We will explore thousands of deals and over 90 lenders to find the perfect mortgage for you.
Our advice is customized to your specific needs and circumstances, always prioritizing your best interests.
Your dedicated broker will be your main point of contact throughout the entire mortgage process.
A remortgage explained:
- Lower Interest Rates: If interest rates have dropped since you took out your original mortgage, remortgaging might reduce your monthly payments.
- End of Fixed Rate: Many people remortgage when their fixed-rate period ends, to avoid moving onto a lender’s Standard Variable Rate (SVR), which is usually higher.
- Home Improvements: Some people remortgage to borrow additional funds for home improvements or other expenses.
- Debt Consolidation: Combining other debts into your mortgage can reduce monthly payments, although this might cost more in the long run.
- Change in Financial Circumstances: If your financial situation has improved (e.g., increased income or improved credit score), you may qualify for a better mortgage deal.
- A remortgage involves paying off your existing mortgage with a new one, either from the same lender or a different one.
- It doesn’t usually involve moving house; it’s about refinancing the mortgage on your current property.
- Shop Around: Compare mortgage deals from different lenders. Many use comparison websites or a mortgage broker to find the best option.
- Apply for the New Mortgage: If you find a better deal, you apply for a new mortgage, usually subject to a valuation of your property and a credit check.
- Legal Work: A solicitor or conveyancer will handle the legal side of paying off the old mortgage and setting up the new one.
- Completion: Once everything is approved and the legal work is done, the new mortgage pays off the old one, and you start paying the new lender.
- Early Repayment Charges (ERC): If you remortgage before the end of your current deal (e.g., a fixed term), you might have to pay an ERC.
- Arrangement Fees: Many new mortgage deals come with an arrangement fee.
- Legal Fees: You’ll need to pay legal fees, though some lenders offer free legal services or cashback deals.
- Valuation Fees: Some lenders might require a new property valuation, which can also come with a fee.
- End of Fixed/Discounted Term: Ideally, just before your current mortgage deal ends.
- When Interest Rates Fall: To take advantage of lower rates.
- Change in Property Value: If your home has increased in value, you might be eligible for better terms.
- Costs vs. Savings: Sometimes the costs associated with remortgaging (like fees) might outweigh the benefits.
- Longer Term Debt: If you borrow more or extend your mortgage term, you might end up paying more interest overall.
- Losing Benefits: Some mortgages come with perks (like a cashback or low fees) that you might lose if you switch.
Get a new mortgage quote today.
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