Remortgage

Let us help you Remortgage. Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them.

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 get a new discount rate, or a lower APR (see jargon buster for definition), with another lender. Another example is when you may wish to consider re-mortgaging 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 APR, 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.

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.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Judith Atherton trading as The Mortgage People (Northwich) is authorised and regulated by the Financial Conduct Authority (Registered Number: 304246).

We may charge a fee for arranging your mortgage - typically this will be £350. We also offer a "fee only" option (typically £950) where we would refund any commission received from the lender to you. We will charge 50% of our fee at application and the balance when the mortgage offer is issued.

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