Remortgage

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When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.



Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially obtain a new discount rate, or a lower APRC, with another lender. Another example is when you may need to re-mortgage to consolidate debts.



It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APRC, you must take into consideration the facts that: 

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently. Quite often we are able to obtain a new rate on your behalf from your existing lender if you require assistance.  This can save you time by obtaining this through ourselves rather than a long winded telephone call to your lender.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. 

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

You may have to pay an early repayment charge to your existing lender if you re-mortgage. You can choose how we are paid for mortgages; pay a fee or we can accept commission from the lender, or a combination of fee and commission.

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Your home may be repossessed if you do not keep up repayments on a mortgage.

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