A remortgage is where you take out a new mortgage on a property you already own – either to replace your existing mortgage, or to borrow money against your property.
For most people, a mortgage is their biggest financial commitment so cutting its cost is likely to be your biggest single money saver. Remortgaging can literally save you £1000’s a year. Currently one third of all home loans in the UK are remortgages.
Here are our top tips for remortgaging:-
- Get ready!
Some of the best mortgage deals are only fixed for short periods of time i.e. 2 or 5 years. As a consequence, more people regularly remortgage their property to maintain a good deal on their repayments. Start looking for a new mortgage three to six months before your current deal ends.
- Do some research
Look on comparison websites that include direct deals, speak to your current lender and seek advice from a mortgage adviser, to find out about the best current deals that are available.
- Look at the overall cost
When remortgaging, it is really important to do your sums and find out if you would be better off with your new mortgage. Make sure you include the cost of any arrangement fees on the new mortgage deal as well as exit penalties from your current mortgage before comparing your new repayments with your existing monthly costs.
- Examine the other features
New mortgage deals often come with extra features e.g. – taking payment holidays or the ability to make overpayments etc. Make sure your new mortgage has features to meet your requirements.
- Seek advice
Talk to an independent, expert mortgage adviser to seek impartial advice on the best remortgage offers available. Independent mortgage advisors are not tied to a particular lender and do not get paid commission so you can be sure that their recommendation will offer you the best deal.
Are you thinking about releasing some equity or just looking to change to a more favourable rate?
At Peter Robinson & Co. we can deal with the remortgage of your home. We can check the title deeds and carry out any searches required on your property. We can also explain and advise you on the terms of the new mortgage you may be considering.
Contact our specialist Conveyancing team at Peter Robinson & Co. for advice on remortgaging.
Call us now on 0161 678 7996.