Remortgages explained - Apply for a remortgage

Many people choose to remortgage their home and as a result lenders are competing to attract a growing number of potential clients. There is a wide range of remortgage packages to choose from on the market. So what are the best remortgages offering?

Apply for a Remortgage

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Apply for a Remortgage

The most beneficial remortgages often incorporate a free legal service and property valuation. This type of deal makes a lot of sense, as a mortgage can be transferred without any extra cost. For those who currently have a mortgage but are looking for a better deal, you may wish to release some or all of your property’s equity. By utilising the difference between the property’s market value and your current mortgage, you could use the equity to help pay for financial necessities.

One of the main advantages of home remortgages is the opportunity to transfer to a loan with a lower interest rate. Before you decide to remortgage your home, speak to an independent financial adviser, in order to explore the most beneficial solution for you.

Why do people remortgage their homes?

People remortgage their homes in order to take advantage of the best mortgage deals to save them money. They may also wish to switch providers if they want to pay off part of the mortgage early or change to a buy to let mortgage if they are intending on renting out their property. Remortgaging can also release equity and make repayments more affordable by increasing the length of the mortgage if the financial situation of a borrower changes.

What are the advantages of remortgaging?

The UK mortgage market is competitive and lenders are constantly improving their deals; a smart homeowner will regularly review their current mortgage and compare it to current mortgage deals to make sure that they are not unnecessarily loosing money. Which? estimates that over £2 Billion is wasted annually on mortgage repayments because borrowers miss out on savings by staying with their current provider. Remortgaging can also be a way of consolidating your debt and making your repayments more affordable if your financial situation has changed.

What are the disadvantages remortgaging?

Remortgaging can allow you to take advantage of the great offers available on the mortgage market, but leaving your current mortgage deal will come at a price and you should weigh the pros and cons before you decide to switch. In particular think about the penalty charges for remortgaging and whether or not the new mortgage deal is worth it, be wary of low introductory rates or short term fixed rates that will just increase significantly once the fixed term is over.

How much does remortgaging costs?

When calculating the cost of remortgaging with another mortgage lender you need to consider:

• Solicitor’s fees
• Valuation fees
• Land registry fee
• Mortgage provider’s arrangement fee
• Broker’s fee
• Early redemption penalties

If your moving home and are looking for a Conveyancing Solicitor then click here