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There can come a time when you outgrow your current mortgage simply because it isn’t cost effective or you’d like to raise more money against your home. In this case, you can remortgage your property to find a new, more suitable deal.

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In a fast-moving financial market, interest rates are constantly changing. By switching your mortgage to a different lender, you could potentially save thousands of pounds over the term of your mortgage. Currently a third of all mortgages in the UK are actually remortgages, so you certainly won’t be alone.

What is Remortgaging and How Can I Benefit?

A remortgage is the process of taking out a new mortgage, with a different lender, on a property you already own. This can be done simply to replace your existing mortgage, or even to borrow more money against your property.

The vast majority of mortgage products will give you an attractive headline rate for only a few years before going up or changing. When this period is over, many people will find there are better deals elsewhere, and therefore switching to a different product or provider with more favourable terms can often save thousands over the course of the loan.

The three main reasons people choose to remortgage a property are:

  • To save money
  • To raise money against a property
  • To get a more suitable mortgage product

Another common reason for remortgaging is to pay off existing debts, although this may cost more than some other options available to you, so it’s essential you carefully consider the costs before you make a decision.

Looking at Your Finances

It’s important to work out your budget going forward and establish how much your outgoings would be on a new mortgage compared to your current one. This includes working out any costs of changing (legal fees, admin charges, etc.). What looks like a great interest rate might not work out as a great APR (annual percentage rate).

If you need to borrow some extra money, we may be able to help unlock the equity from your existing home if necessary. This could help you to pay off those extra debts, build an extension, or make other improvements to your house. How much you can borrow will depend on your overall circumstances and the current value of your home.

Take the Next Step

We can step in to search the whole mortgage market for you and make sure you’re not paying too much to your current lender. We will also search through other exclusive remortgage deals that only we have access to, and make sure you get the best product for your needs. Your monthly repayments could be substantially less than if you hadn’t changed.

We’ve Got You Covered

At The Mortgage Centres, we will answer all of your questions and help guide you through the house buying and selling process, from initial meeting to making the switch. We will:

  • Search thousands of products from the whole of the market, including a large number of exclusively available interest rates.
  • Choose the most appropriate product, rate and lender.
  • Commence the application process.
  • Arrange a valuation of your property. The cost of this is often met by the lender chosen.
  • Allocate a legal firm to help with switching the mortgage – in many instances this is provided free of charge.
  • Deal with the lender, surveyor and legal firm until the switch has been completed.
  • Help reassess your mortgage protection package to make sure it is still suited to your needs.

Let’s Get Started

Contact your local Mortgage Centre to speak to one of our experienced advisers today. They will be more than happy to go over all of the above and more. Remortgaging doesn’t have to be complicated. Let us do the hard work for you.

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Helpful Quick Guides

Remortgaging to save money

It’s all about finding a mortgage with a better rate of interest. When you take out a new mortgage, you’ll typically receive an introductory deal, which will offer a fixed, discounted or tracker rate for the first few years of the mortgage, before reverting to the lender’s standard variable rate. These introductory deals typically last for between two and five years, after which point, you’ll normally be able to find a better deal elsewhere.

So, when your introductory period ends, use the annual percentage rate (APR) as a measure to compare your deal with the mortgages offered by other lenders. However, it’s important not to only look at the headline rate. You should also factor in the costs and fees associated with moving your mortgage elsewhere.

Remortgaging to raise money

You can use the monies from a remortgage to increase the value in your home and, as long as you can afford the new repayments, this can be an effective method of raising extra capital for home improvements. This type of remortgage is also commonly used to consolidate debts, but you should seek expert advice before you use a remortgage to do this.

Remortgaging to find a better mortgage

Sometimes a remortgage is the right thing to do because your circumstances have changed and your current mortgage is no longer the most appropriate mortgage for you. For example, you might be starting a family and want the predictability of a fixed-rate mortgage rather than a tracker. Alternatively, you might be earning more money and decide you want to make overpayments on the mortgage without a penalty.

How much does a remortgage cost?

A remortgage may offer you better value in the long run, but switching your mortgage provider can cost in excess of £1,000, so it’s essential you factor this into your calculations. The costs of remortgaging include:

  • Your current lender’s fees – Check whether your current mortgage has an early repayment charge or exit fee as this will add to the costs of remortgaging.
  • Fees charged by your new lender – You could be charged a number of fees, including a booking fee, reservation fee, valuation fee and a fee for releasing the funds.
  • Legal fees – This will cover the cost of conveyancing work that may need to be done when refinancing your property.

In a lot of cases, your new lender will be willing to pay all or part of your current lender’s fees to help switch lenders; however, the cost of remortgaging is still a potential stumbling block.

How much could I borrow?

There are many factors that come into play when working out how much you will be able to borrow on a new mortgage: the value of your property, your income, how long you want to borrow for, and how long you have left to run on your current mortgage.

Want to know how much you could borrow, or what your monthly payments might be? With our handy mortgage calculator it’ll just take you 2 minutes to answer 4 simple questions and get an approximate quote. Give it a try now!

The remortgage application process

A remortgage will be taken out with a new lender, so you’ll have to go through the mortgage application process in full. You will have to show evidence of your income, such as payslips and bank statements, along with details of your outgoings, like credit card repayments, personal loans, utility bills and other household costs.

To check the affordability of the remortgage, lenders will also carry out a ‘stress test’, which is designed to see whether you could keep up with the repayments if interest rates were to rise.

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