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An expert’s guide to remortgaging
Our mortgage expert, David Hollingworth, provides tips on remortgaging.
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The key things you need to know about remortgaging

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Remortgage your home

If you’ve got a mortgage on your home, it’s well worth checking to see whether you might be able to remortgage to a better deal.

Remortgaging, particularly if you are currently languishing on your lender’s standard variable rate, could potentially trim tens or even hundreds of pounds off your monthly mortgage payments. There are plenty of other reasons you might want to remortgage, as well as saving money. Perhaps you want to borrow money against your property to cover the cost of home improvements, pay off more expensive debts or even raise money to purchase another property?

Whatever your remortgage requirements, we at L&C are here to help. We can provide you with expert mortgage advice on the best mortgage deals to make the remortgage process as straightforward as possible. here’s what you need to know.

How does remortgaging work?

When you remortgage your property, you are effectively replacing your existing mortgage with a new deal. This can either be for the same amount that is outstanding on your current mortgage, or for a lower or higher amount.

There are lots of different remortgage deals to choose from, so it’s a good idea to compare several before choosing. Once you’ve found a competitive remortgage deal, you should also check whether you can remortgage without having to pay any early repayment charges on your current mortgage. Once you know which deal you want to move to, you must submit your application, providing proof of income, identification and details of your outgoings. The lender will check this information and provided they are satisfied that you can afford the mortgage, they will then provide you with a remortgage offer. Find out more about how the remortgage process works.

How much does it cost to remortgage?

The cost of remortgaging will depend on which deal you choose. Some lenders offer deals with low arrangement fees, while others charge much higher fees. You will also usually have to pay a valuation fee as well as legal costs. If you use a fee-free mortgage broker such as L&C to help you remortgage, there won’t be any charge for advice, but some brokers do charge, so check costs before proceeding.

Can I remortgage?

Before you remortgage, you’ll need to check your existing deal for any restrictions which might prevent you moving to a new remortgage deal. For example, if you are currently locked into a special deal, there may well be early repayment charges to pay if you want to leave before the deal ends. In some cases, the savings from remortgaging may still outweigh these costs. If in doubt, give us a call and we can take you through all the different options that are available to you.

When should I think about remortgaging?

Don’t wait until your current mortgage deal ends to think about remortgaging. ideally you should start looking for a new mortgage at least three months before your mortgage deal expires, so that everything will be sorted out by the time this happens. if you leave it much longer than this, then you’ll usually end up paying your lender’s standard variable rate until your new deal starts, which is likely to be much higher than the rate you are remortgaging to. the best remortgage deals don’t tend to hang around for long, so using a mortgage broker like l&c can help speed things along and make sure you don’t miss out on the deal you want.

Is now a good time to remortgage?

Whether or not now is the right time for your to remortgage will depend on your individual circumstances and financial circumstances, but there is certainly no shortage of fantastic remortgage deals to choose from. Following the Bank of England’s decision to cut interest rates to 0.25% in August 2016, mortgage rates are at record lows, so remortgaging could potentially cut hundreds of pounds off your monthly outgoings.

What remortgage deals are available

There are loads of different remortgage deals to choose from, but a good starting point is to think about what sort of mortgage you are looking for. For example, fixed rate remortgage deals mean that you lock into a rate for a set period of time, which can give peace of mind that your monthly payments will won’t change. Alternatively, you may be comfortable going for a variable rate remortgage, which means your monthly payments could go up or down over time.

Variable rate remortgage deals include tracker rates, where your mortgage rate tracks the Bank of England base rate plus a set percentage, and discounted deals, where the lender offers you a discount off its standard variable rate. There are also capped rate mortgages, which are again variable, and guarantee that the rate won’t exceed a certain limit, or cap. Another option is an offset mortgage, where you can offset your savings against your mortgage, which could help you pay off your mortgage sooner.

With so much choice, it can be difficult to know which remortgage deal to go for, so if you need some expert help, contact us to discuss all the different options that are available to you. We can help you work out which is the right remortgage deal for you, and talk you through the application process. You’ll also need to think about whether you want to remortgage on an interest-only or a repayment basis. Bear in mind though that if you currently have a repayment mortgage, and are paying back the capital you owe as well as interest each month, most lenders will be reluctant to move you onto an interest-only deal, where you only pay back the interest you owe.

Compare remortgage deals

Finding the right remortgage deal can seem daunting. That’s why we’ve come up with an easy comparison service, so you can search for the remortgage deals which match your needs. When comparing remortgages, always remember to factor in all the costs involved, including arrangement fees and legal costs, so you understand exactly how much you’ll pay overall.

After using L&C for their remortgage or another financial product, 93% of L&C customers would recommend us based on 1355 respondents - as of 02/04/19. Read our reviews

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