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Remortgaging – Made Simple.
A remortgage is when you take out a new mortgage to replace an existing one on your home or another property. If this is with a different lender, it is known as a remortgage, however, if you stay with the same lender but just change the mortgage terms you are on, this is called a Product Switch or a Product Transfer.
However, both are typically done to get a better rate, reduce monthly payments or release equity from the property.
Using a Remortgage Broker will help get the perfect solution!
A remortgage is often needed to simply get a lower rate, and to ensure you don’t pay more than you need to if your fixed mortgage term is ending. However, it is also an opportunity to take control of your finances and make your home, work harder for you, rather than you working hard to keep your home.
- Fixed Rates Ended or Ending within 6 Months?
- Access Cash for things like Home Improvements
- Pay of Debt and Consolidate Payments
- Bad Credit Affordability Options
- Reduce Monthly Payments
Why should I speak to a Remortgage Broker when doing a Remortgage?
A mortgage broker offers independent advice and expertise across the market, and can search and compare thousands of mortgage rates. Lenders can only offer advice and access to their own selected mortgage solutions.
As a remortgage Broker, we work for you and our aim is to find you the lowest rate and the most suitable remortgage for your needs. Whether you want to simply switch to a cheaper rate, borrow more money to consolidate debt, pay for home improvements or avoid going onto a variable rate – our team have in depth knowledge of the market, and know how to package up your financial circumstances to satisfy mortgage lenders criteria. If you have bad credit, don’t worry, we can do this without affective your credit score.
At The Mortgage Broker, we have access to over 23,000 mortgage products, many of which, are not available to customers directly. Therefore, you will have the opportunity to access remortgage deals that are not publicly available and be guided through the entire journey.
It may seem easier or cheaper to simply remortgage with your current provider, and sometimes this can be the case. However, speaking to a Mortgage Broker will ensure you don’t miss out on a potential lower rate from another lender. Besides, we can always search and lock in rates for you to ensure you don’t miss them, but if your current lender does offer the best rate at time of the remortgage, we will simply switch you onto that one. Nothing lost, everything gained.
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Remortgage
When you remortgage your property, you move your existing mortgage without moving to a new property. You look for a new loan – either with the same lender or a new one – that will pay off your existing loan.
There are several reasons why people remortgage their homes. If you took out your existing loan at a time when interest rates were high, you may now see the market is filled with new loans at far lower interest rates. Even if remortgaging meant paying an arrangement fee, you could still save a significant sum each month if you switched to a new deal. It is important to work out whether the savings gleaned from a switch would outweigh any arrangement fee you would need to pay. In some cases, it would not lead to savings.
Other people remortgage because they now have some equity in their property. This could be released to help with refurbishment costs or perhaps a new extension or similar work on the home. Another reason to remortgage might be to pay off debts elsewhere that have a high interest rate. Since mortgages have a much lower interest rate than unsecured loans, this could be a good way to reduce monthly payments and clear debts that are racking up a lot of monthly interest.
It is also common for people to remortgage when they reach the end of a current fixed rate deal. Moving onto a variable rate deal leaves the homeowner vulnerable to rises in the interest rate. That means looking for a new deal gives them more protection over the next few years.
Mortgage Repayments Calculator
Repayments are calculated by the size of your mortgage, the interest rate, and the term of your contract. Calculate your repayments here.
Please note: Rates are changing on a daily basis, and The Mortgage Broker have access to thousands of products. This calculator is just indicative, and if you want to understand your finances, you absolutely should speak to one of our team. Within just a few minutes, your mortgage adviser can tell you precisely how much you can afford, without any impact on your credit score.
Live Rate Mortgage Finder %
Welcome to our live mortgage rate finder. This is a live connection to mortgage lenders. However, please note you need to speak to a mortgage broker to discuss your best remortgage options. By quickly understanding your circumstances, our remortgage brokers will access over 23,000 mortgage products through our panel of nearly 100 Mortgage Lenders. Not all lenders enable a live feed to their products, so this is just illustrating a segment of the market.
Remortgage: How a Remortgage Broker Can Help You Save
What is a Remortgage?
A remortgage refers to the process of switching your current mortgage to a new lender or renegotiating the terms of your existing deal. Homeowners typically remortgage to secure a better interest rate, release equity, or reduce monthly payments. If you’re considering remortgaging, you may want to work with a remortgage broker who can guide you through the process and help you find the best deal.
Why Should You Consider a Remortgage?
There are several reasons why homeowners choose to remortgage, including:
- Lowering your monthly payments: A better interest rate can significantly reduce your repayments.
- Accessing home equity: Remortgaging can help you access equity for home improvements, paying off debts, or funding other large expenses.
- Switching to a better deal: If your initial mortgage deal is ending, you may face higher rates. A remortgage can help you secure a more competitive deal.
- A remortgage broker can help you identify opportunities and compare offers to find the best mortgage products that meet your financial needs.
What Does a Remortgage Broker Do?
A remortgage broker acts as an intermediary between you and potential lenders. Instead of approaching different lenders on your own, a broker will do the legwork to help you find the most suitable mortgage deal for your circumstances. Here’s what a broker does for you:
- A remortgage broker can access many lenders and rates that are not available directly to ustomers.
- Offers expert advice: Brokers understand the ins and outs of the mortgage market and can help you navigate complex options.
- Saves time and effort: They compare multiple lenders and deals to ensure you get the best offer without wasting time on research.
- Guides you through the process: Brokers manage the paperwork, application process, and liaise with lenders on your behalf.
A broker’s in-depth knowledge of the market and ability to access exclusive deals can help you secure a remortgage deal that may not be available through mainstream channels.
The Remortgage Process: Step-by-Step
The remortgaging process involves several key steps, which may vary depending on your lender and broker. Here’s a general overview:
- Assess Your Current Mortgage: Start by reviewing your existing mortgage terms, such as your interest rate, the remaining balance, and any early repayment penalties.
- Determine Your Remortgage Goals: Decide whether you want to reduce monthly payments, release equity, or change your mortgage terms. Your remortgage broker can help you clarify these goals.
- Get Advice and Compare Deals: A broker will assess your financial situation and recommend the best options available. They’ll compare different lenders and mortgage products to find one that suits your needs.
- Apply for the Remortgage: Once you’ve chosen a lender, the broker will assist you in filling out the application and gathering the necessary documentation.
- Approval and Completion: The lender will assess your application and approve the remortgage if everything checks out. Once approved, the new lender will pay off your existing mortgage, and you’ll begin making payments on the new deal.
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