THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
CONSOLIDATING DEBT MAY REDUCE YOUR OUTGOINGS NOW, HOWEVER YOU MAY PAY MORE INTEREST OVER YOUR MORTGAGE TERM.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Elevate is a London-based financial services firm with branches in Bromley and Beckenham. We offer professional mortgage advice to clients across London and the UK. As part of our mortgage advisory, we help UK homeowners find the best remortgage at the most favourable repayment terms
for their circumstances.
What Is Remortgaging?
Remortgaging is when you switch your current mortgage to a new one, either with your current lender or to a different lender altogether. Just like you might switch your electricity supplier for a better deal, you can also change your mortgage.
Why Remortgage?
To save money: If you can find a mortgage product on the market with a lower interest rate, you could switch and save money. However, keep in mind that while you may be able to save on your monthly repayments, you may need to pay a fee to exit your current mortgage agreement.
To access more favourable repayment terms: Switching to a new lender could provide access to more favourable repayment terms, such as a lower interest rate, which could save you money over the life of the loan.
To consolidate debts: Some people choose to remortgage as a way to consolidate their debts. However, it is worth noting that this may not always be the most cost-effective option, as you may end up paying more interest over the life of the loan.
To release equity: If your property has increased in value since you took out your current mortgage, you may be able to remortgage and release some of the equity in your property. This can be a good way to access funds for home improvements or other expenses.
To change the type of mortgage: If your financial circumstances have changed since you took out your current mortgage, you may want to remortgage to switch to a different type of mortgage. For example, you might want to switch from a variable to a fixed-rate mortgage to provide more financial stability.
If you want more information about remortgaging or to discover how much you could save, our remortgaging advisers are on hand to help!
Should You Remortgage with Your Current Provider or a New One?
You might be wondering whether you should remortgage with your current mortgage lender or switch to a different lender. There is no single answer to this question. Sometimes it is more advantageous to stay with your lender, and at other times changing lenders is the better option. If you stay with your current lender, you might be able to save on exit fees and the switching process could be quicker. On the other hand, switching to a new lender could provide access to more favourable repayment terms, such as a lower interest rate, which could save you money over the life of the loan.
Remortgaging FAQs
Is there an age limit to remortgaging?
Most lenders do not impose age limits on remortgaging, but some people do find it harder to remortgage in their twilight years. If you are concerned about your age and how it will affect your ability to remortgage as they get older, contact our friendly team for support.
How long does remortgaging take?
The standard timeframe for going through the remortgage process is four to eight weeks. However, if you are changing mortgage products with the same lender, the time it takes to remortgage can be significantly shorter.
Do I need a deposit to remortgage?
If you remortgage you will not need another deposit. Your outstanding mortgage debt (reduced by your initial deposit) will be bought by another lender, which means your deposited amount moves too.
What fees are involved in remortgaging?
When you remortgage, you could be subject to fees. You may have to pay a fee to leave your current mortgage deal, and you may have to pay legal fees and a new valuation fee.
Can I borrow additional money?
Yes, however, it's important to remember that you will need to be able to afford the repayments on the additional borrowing and your existing mortgage repayments.
Can I remortgage if I have bad credit?
If you have a poor credit score, it may be more challenging to remortgage, but it's not impossible. Some lenders may still offer you a remortgage but at a higher interest rate.
Can I overpay on my remortgage?
Yes, most remortgage deals will allow you to make overpayments without incurring penalties. Overpaying can help you reduce the amount of interest you pay over the term of your mortgage and could save you money in the long run.
Why Use an Adviser to Remortgage?
Remortgaging can be a tricky process and is best tackled with the help of an expert in the field. A mortgage adviser can answer your questions, provide clarity, and take the stress out of navigating remortgaging fees and terms.
Another benefit of working with a mortgage adviser when remortgaging is that we can help you understand the different options available. For example, you may want to consider a fixed-rate mortgage, which can provide stability and certainty over your monthly repayments, or a tracker mortgage, which is linked to the Bank of England base rate and can rise and fall in line with this rate.
It's essential to consider your individual circumstances when deciding which type of mortgage is best for you. We can help you to weigh up the pros and cons of each option and find the one that is most suitable for your needs.
If you're considering remortgaging with additional borrowing, our advisers can help you to understand the costs involved and find the best deals on the market. We can also help you understand the risks involved and ensure that you are fully informed before making any decisions.
Contact Us for Mortgage Advice
Remortgaging can be a great way to save money and get a better deal on your mortgage.
At Elevate, our mortgage advisers are experienced professionals who can help you with your remortgage. We can help you find the best deals and repayment terms tailored to your circumstances, so you can save money and get the most out of your mortgage.
Our mortgage broker team is based in Bromley and Beckenham and helps clients across London. So, if you’re looking for re-mortgage advice, get in touch for friendly mortgage advice today.
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