Should you remortgage?

Should you Remortgage?

A remortgage, also known as refinancing, is the process of switching your existing mortgage to a new one, either with your current lender or a different one. This financial strategy allows homeowners to find better deals, save money, or access additional funds for various purposes.

Why Remortgage?

Save Money: As mortgage rates fluctuate over time, remortgaging presents an opportunity to secure a better interest rate. By switching to a lower rate, you can potentially reduce your monthly repayments, ultimately saving thousands over the term of your mortgage.

Access to Equity: If your property has increased in value since you first bought it, remortgaging allows you to release some of that equity as cash. This can be used for home improvements, debt consolidation, or any other significant expenses.

Debt Consolidation: If you have multiple debts with high-interest rates, remortgaging can be a practical solution to consolidate those debts into one manageable monthly payment, potentially at a lower interest rate.

Home Improvements: Planning to renovate or extend your home? Remortgaging can provide the funds necessary to invest in your property and increase its value.

Changing Circumstances: Life is unpredictable, and your financial situation may change over time. Remortgaging allows you to adapt your mortgage to your current needs, whether it’s switching from a fixed-rate to a tracker mortgage or extending the term to reduce monthly payments.

How Does Remortgaging Work?

Assessment: Start by assessing your current mortgage and financial situation. Consider your outstanding balance, the value of your property, and any applicable early repayment charges.

Research: Thoroughly research the market to find the best remortgage deals that match your requirements. Compare interest rates, fees, and any special offers available.

Consultation: Speak with a mortgage advisor who can provide expert guidance tailored to your circumstances. They will help you navigate the complexities of remortgaging and find the most suitable options for you.

Application: Once you’ve selected a new mortgage deal, you’ll need to complete an application with the chosen lender. They will conduct a credit check and property valuation to ensure you meet their criteria. Completion: If your application is approved, your new lender will pay off your existing mortgage, and your remortgage journey will be complete. You’ll then start making repayments based on the new terms and conditions.

Why Choose Us?

At The Financial Advice Centre, we understand that remortgaging can seem daunting. That’s why our team of experienced advisors is here to guide you every step of the way. We’ll help you explore a wide range of remortgage options, find the best deals, and ensure a smooth and hassle-free process.

Take control of your financial future with a well-informed remortgage decision. Contact us today for expert advice and personalized solutions tailored to your needs.

Your home and property may be repossessed if you do not keep up repayments on your mortgage.

The Financial Conduct Authority does not regulate some aspects of buy-to-let mortgages.