Things To Consider Before You Remortgage Your Home

A remortgage could be a great way for you to reduce costs and improve your finances, but doing so can be a confusing process. It is not essential to remortgage if you’re happy with your mortgage provider, but you can take advantage of significant savings if you do choose to switch to a new lender.

When should you consider remortgaging?

• You’re reaching the end of your current provider’s scheme.
• You would like to release some money from the equity built up in your property – maybe for home improvements or debt consolidation.
• You want to take advantage of better rates.
• You’re wanting to move house, or buy another property.
• You believe you can get a better rate.

It may take time to remortgage.

It can take anywhere between four and eight weeks to complete a remortgage of your property. Occasionally, it can take longer due to difficulties finding the deal that’s right for you and your needs; or even as a result of a rejected application. Our mortgage experts can help here and explore the right remortgage for you.

According to Money Saving Expert, the best time to look for rates is around 14 weeks before your current deal ends.

Is your credit score the best it can be?

Your payment history and credit profile will certainly be checked by your new provider, so having a healthy credit profile can help you get a better deal and even save you money.

You can do this for free through sites such as Equifax and Experian.

Are there fees for switching?

There are sometimes legal, survey and other fees associated with switching providers.

Even if you choose to opt for a fee-free deal, lenders may compensate for this by increasing the interest rate. It’s very important to crunch the numbers and work out which option will lead to you getting the best value for money. One of our mortgage advisor can provide more information on fees, both hidden and in real terms.

Does your current provider have options?

After exploring the market and working out fees, interest rates and deals it may be worth your time to ask your current provider if they can match any of the deals offered by other lenders.

This may save you time and money as you won’t have to go through the rigmarole of switching.

We hope this has helped you decide whether or not you should remortgage your home. Want to speak to someone? Get in touch with us & we’ll connect you with the best local advisor in your area.

If you are looking for expert advice and guidance on remortgaging your property, get in touch with us and get advice from people you know you can trust.
You can ring us at 0333 666 666 3 or use the link here to contact us 

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