Mortgages
Remortgaging
Remortgaging Your Property
Whether you’re looking to reduce your monthly payments, raise funds for home improvements, consolidate existing debts, or simply review your current mortgage arrangements, we’re here to help.
Remortgaging involves replacing your existing mortgage with a new deal, either with your current lender or by switching to a different lender. Many homeowners review their mortgage regularly to ensure they’re still benefiting from a competitive rate and a product that meets their needs.
If you’ve been on the same mortgage deal for several years, you could be paying more than necessary or missing the opportunity to make your mortgage work harder for you.
Why Consider Remortgaging?
Secure a Better Deal
Mortgage rates and products change regularly. If your current fixed or discounted rate is coming to an end, remortgaging could help you move onto a more competitive deal and potentially reduce your monthly payments.
Fund Home Improvements
If you’re planning an extension, renovation, or other home improvements, remortgaging may allow you to release some of the equity built up in your property to help fund the work. In many cases, improving your existing home can be more practical and cost-effective than moving.
Raise Funds for Major Life Events
You may be considering a wedding, university fees, or another significant expense. Depending on your circumstances and the amount of equity available in your property, remortgaging could provide access to additional funds.
Consolidate Existing Debts
Some homeowners choose to use a remortgage to repay existing unsecured borrowing, such as credit cards or personal loans. Consolidating debts into your mortgage may reduce your monthly outgoings; however, it’s important to remember that you could pay more interest overall if the borrowing is repaid over a longer period. Think carefully before securing other debts against your home.
Restructure Your Mortgage
A remortgage can also help you adjust your mortgage to better suit your current circumstances. You may want to:
- Reduce your monthly repayments
- Shorten your mortgage term
- Switch between fixed and variable rates
- Add or remove a borrower
- Raise additional borrowing for an acceptable purpose
Is Remortgaging Right for You?
Every situation is different. While switching mortgages can save money, there may be fees or early repayment charges to consider.
We’ll review your current mortgage, explain the costs and benefits involved, and help you decide whether remortgaging is likely to be the right option for you.