If you are coming to the end of a deal with your current lender we will assess your current financial circumstances and recommend to you the best mortgage product with the best rate to fit your requirements, at a monthly cost that’s affordable to you.
Where possible you will receive a free legal service and free valuation of your property from the recommended lender. This ensures your costs will be as low as possible making remortgaging a cost effective option.
We typically recommend you start considering your remortgage 2-3 months before your current rate expires. This will ensure you have enough time to consider the right remortgage option for you and mean the new mortgage is offered and ready to complete when your current deal finishes.
The majority of mortgage products offered only last 2 to 5 years. After this time your fixed/tracker/discount rate will expire and you will be put on your lenders standard variable rate (SVR).
Standard variable rates tend to be higher than your old rate and higher than the best rates available to you now.
Whatever the reason for you staying on your lenders standard variable rate, whether its because you have bad credit, lots on unsecured debt, recently lost or changed your job, or expect your circumstances to change soon, it is still worth a conversation with us to see what options are available to you.
Remortgaging to a new lender could be a cheap way of raising additional funds. There are many reasons why you may want additional funds including:
- Debt consolidation
- Home Improvements
- Raising funds for a new buy to let property
- Let to buy
- General capital raising
Lenders all have their own criteria of what reasons are acceptable and up to what loan-to-value, so seeking independent mortgage advice is essential in ensuring you’re getting the best deal possible with the right lender.
If you’re looking to raise additional funds but you’re currently fixed into a deal with your current provider it is still worth a discussion with us. It could be that we are able to arrange a further advance with your current provider on your behalf, or it may even be more cost effective to pay early repayment charges in order to borrow additional funds on a new product with a different lender.
If your property has increased in value since you last reviewed your mortgage arrangements it may mean that you are now in a lower loan-to-value band.
A lower loan-to-value means that there is a higher chance that you would be eligible for better rates.
Whatever your requirements, we feel it’s always best to give us a call for a no obligation discussion to review your needs. As we are Independent, we will review the whole of the market for you to ensure the best rates to fit your circumstances.