Remortgages

When and why you should Remortgage?

At Best Mortgage Direct we like to help make remortgaging simple. We help you understand why you might remortgage, when to remortgage and any costs that may be involved. We have developed a step by step guide below on how, why and when.

There are a number of reasons you might want to remortgage your home, including:

When your current mortgage deal ends, you’ll be put on your current lenders Standard Variable Rate. This will more than likely increase your mortgage payments. There is no need to go onto this rate and remortgaging can help keep rates low. So why not find a new more competitive mortgage deal instead.

You can remortgage for many reasons including home improvements, holiday, purchase a Buy to let Property or simply to pay off some other existing debts like credit cards or loans.

(AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.)

Your circumstances may have changed since you first took out your mortgage. Your now on more income and wish to reduce the term of your mortgage and pay it off earlier. Our advisers will help you find a mortgage provider that lets you overpay your mortgage without incurring any penalties for doing so.

You may have been on a Tracker Rate and The Bank of England Rate has increased their interest rate. This could be the incentive you need to look for a more competitive mortgage.

If your property value has increased in value, you will benefit from a new lower Loan to Value ratio which could let you get better rates. Many remortgage deals nowadays come with Free Legals, Free Valuation and some with No arrangement fees

When should I remortgage?

You should think about your financial situation and see if your mortgage is still working for you.

Set a reminder to look at your existing mortgage at least 4 months before your current deal expires.

Get your broker to check your old mortgage offer and paperwork. If you switch before your current mortgage deal has expired, you may be charged penalties but there is nothing to stop you having a new mortgage in place ready to start the day after your existing deal ends.

How to remortgage?

Now you know why and when you should remortgage, how do you do it.

Speak to a Mortgage Broker and make an appointment. They are here to help.

Get out your old paperwork and find out when your fixed rate is due to end, how much you are paying monthly and what is the term you have left.

You mortgage adviser will be able to help work out all ins and outs and see if remortgaging will save you some money.  We will consider all lenders we have access to following an assessment of your personal needs and circumstances.

Ask your broker if your existing lender has any Product Transfers they can switch you on to. You may want to stay with your existing lender and they can simply move you on to a new rate without all the hassle of moving lender.

At Best Mortgage Direct we do all appointments online and over the phone, fast and simple, no complicated jargon, no waiting. Chat 7 days a week.

Any questions then why not call us on 0131 463 5678 or use our quick contact form below, to see how much you can save. We look forward to hearing from you.

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