Remortgages

If youre coming to the end of your current mortgage deal with another provider you might want to consider switching as there are plenty of good reasons to remortgage.

You may want to benefit from a better rate or perhaps your circumstances have changed. It is important to look at the pros and cons of remortgaging and understand the potential risks and costs if you were to pursue that option.

If you have an existing mortgage you could transfer to a new deal in a matter of days but with a wide range of mortgages and competitive rates to choose from it is important to research the whole of the market and get advice on which mortgage type bests suits your circumstances.

What is a remortgage?


Remortgaging is when you move your mortgage to a new lender without moving home you just take out a new mortgage to pay off your current one.

Why should I think about remortgaging?


There are plenty of reasons why remortgaging and taking advantage of the latest deals could make sense:
Save money - find out what interest rate you are paying on your current mortgage as you could benefit from lower repayments with another mortgage provider.

Raise money - remortgaging can help you release any equity in your home. You can borrow the extra money at the same mortgage rate for instance if you want to consolidate other debts or make home improvements

Improve your home - if a new property seems out of reach why not improve your current home? You could remortgage to raise money to add an extension and improve your homes value in the process.

When can I remortgage?


If you are coming to the end of your current deal or paying your lenders standard variable rate then its a good time to start thinking about remortgaging.

The remortgaging process


If remortgaging sounds right for you here are the initial steps you should follow:

1. Decide if and why you want to remortgage. Do you want to borrow more money? If so you need to make sure there is enough equity in your property. Or do you want to save money and find a better mortgage deal? Have a look at the full range of mortgages to see how much you could save.

2. Contact your current lender for a redemption statement and make sure you do your sums. There will be fees and charges involved in remortgaging so make sure the savings outweigh the costs.

3. Take a look at some of the mortgages on offer via Quote Now link to see some the deals available.

If youre not sure what mortgage you want we can arrange for you to be contacted by an expert mortgage adviser and they will explain the options in detail.

Remortgage FAQs