Re-mortgaging, also known as refinancing, involves paying off one mortgage with the money from a new mortgage with a different lender. People remortgage for a variety of reasons including the need to secure lower monthly repayments, to consolidate debts or to raise capital. By re-mortgaging you may secure a better deal and lower monthly repayments than if you continue your mortgage with your current lender.
When do I re-mortgage?
Your current mortgage is likely to have provided a specific rate for a specified period of time, and either you are about to reach the end of this period, or you already have. It is common for a mortgage to revert to the lender’s ‘standard variable rate’ after the initial deal, and you may now wish to review what other options are available to you, as well as any offered by your current lender.
How do I re-mortgage?
If you're looking to remortgage your home there is a lot that needs to be taken into careful consideration before making your decision. It is worth checking whether your existing lender can offer you any options. Your monthly budget is key to whether or not re-mortgaging is right for you. Some lenders may offer no arrangement or booking fees, a free valuation on your home and free conveyanceing work. Some lenders may offer a lower headline interest rate, but may charge fees.
If you have decided to remortgage your home, you need to start preparing a few months before you intend to make the switch to a new lender. Your latest mortgage and bank statements will show how much you are paying for your current mortgage. Depending on the type of mortgage you have, the cost of your repayments might have fallen - take this into consideration when deciding how much you can afford to pay on a monthly basis. It is important to speak with your lender to request a quote for the total cost of paying off your loan as this might affect your financial capability to remortgage. Once you have done this, it's time to find a new mortgage. You should also check with your current lender whether they can offer you any new products. Once you have done this it is time to see what other mortgages may be available, and whether it is worth switching to a new lender.
Disclaimer - Note
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED AGAINST IT.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. Secured loans are not regulated by the Financial Conduct Authority.
We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.
Request Your Initial Mortgage Consultation Today!
Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.
Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.
- We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
- We will request from you all the necessary paperwork at the start.
- We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
- We take pride in working to meet your timescales.
At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.