Remortgages
Even though you found the perfect mortgage, your rate of interest and monthly payments won’t remain frozen indefinitely. In fact, mortgage deals change frequently and can sometimes result in a homeowner being moved onto a product with a higher interest rate.
This means that your repayments will increase, which can seriously affect your cash flow and lifestyle. Don’t worry though, as remortgaging is a way to ensure that you always remain on a mortgage rate that suits you.
What is a remortgage?
Remortgaging involves applying for a new mortgage, which in the process will pay off your current one. Common examples of remortgaging are when an existing mortgage deal has expired or is about to, which will mean moving onto a different interest rate that could be noticeably higher.
If you decide that you’re unhappy with the lender’s Standard Variable Rate and the larger monthly payments that will result, there’s the option to remortgage and continue to benefit from the best deal possible.
What happens if I don’t remortgage?
Choosing not to remortgage when your existing mortgage terms expire isn’t the end of the world but it could cost you a lot of money, especially over the course of a few years. Our philosophy is that you should never pay more for your mortgage than you have to, which is why we’re committed to helping you remain on a competitive rate of interest and stay in control of your mortgage.
Can I increase my mortgage borrowing?
This is often an option and we’ll help you to decide if it’s the right route to take. Taking out a larger mortgage should only be done if you’re planning a significant home improvement project or need to pay for a major life event such as a wedding. If you do decide to increase your borrowing whilst remortgaging, your credit profile, income, expenditure and the equity in your home will all affect how much you can borrow.
Sometimes borrowing more may not be an option. However, we’ll make sure that your new mortgage is the best deal available and that you’re happy with your future monthly payments.
Product Switch/Transfer
If you reach the end of your mortgage deal, you don’t always have to remortgage to a new lender. We can also approach your current lender to find out what other deals they have available for you to switch to. This is referred to as a product transfer or “switch”. It involves no underwriting, no broker fees and usually very little paperwork.
Get in touch
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Remortgages in Worcestershire and Kent
Droitwich Office
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
Sevenoaks Office
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
