SMART
REMORTGAGE
A Remortgage describes renewing a mortgage or increasing a mortgage on a property you already own. Sometimes, it may even be a capital raise on a mortgage free property.
Your mortgage is probably the largest financial commitment you will have. In the same way that you might search for right deals on other things, it makes sense to review your mortgage periodically to make sure that it is still the right option for you and not just to stay with your original Lender.
Let Mortgage Advice Bureau find you the right deal on the market to meet your individual needs, budget and circumstances. Mortgage Advice Bureau have access to over 12,000 mortgages from over 90 Lenders to save you the time of shopping around.
Remortgaging can also include a capital raise, if you decide to increase the amount that you have borrowed to raise money for something like home improvements. Your adviser will guide you through the mortgage deals available and recommend a mortgage to suit your individual needs, budget and circumstances.
The help and advice does not stop at the mortgage. They can help protect your new home and yourselves with home and life insurances. The team here at Smart Advice can also help recommend a solicitor and we are here for you through the whole journey. We will keep you updated at all times and make you aware of every milestone crossed along the way.
Things to think about before remortgaging.
Be organised and contact us up to 6 months before your current mortgage product comes to an end, this will help to make sure you secure the right rate and do not slip onto your lenders Standard Variable Rate. There maybe costs involved in remortgaging, we will be clear about these and take these into account before recommending that remortgaging will be beneficial to you.
You may have to pay an Early Repayment Charge to your existing lender if you remortgage. If you are currently in a fixed rate deal that has not yet expired you will almost invariably be subject to payment of an early repayment charge (ERC), in order to leave. This is usually a percentage of the mortgage balance, depending upon how long you have left. We will make you aware of any costs involved before recommending that you remortgage. If you want to release equity from your property to get a lump sum, this means you will be increasing the overall amount you are borrowing and will, therefore, see a rise in your mortgage payments.
Depending on the amount of equity you have in your property and the amount you are seeking to release, you may also see an increase of interest rate as your loan to value (LTV) may have decreased. If you are thinking of remortgaging as a way to consolidate debts or to pay for a project, make sure you do your sums carefully. Remortgaging may seem attractive as mortgages have relatively low interest rates when compared to credit cards or loans but borrowing over a long period may cost a lot more in the long term we will be clear about this and take this into account before recommending that remortgaging will be beneficial to you.
Please note: You may have to pay an early repayment charge to your existing lender if you remortgage
Book your financial review now by filling the form below or call us on (0808) 196 6111 and we will be delighted to help.
