You may have been thinking for some time about switching to a new mortgage lender or even asking your current mortgage lender for a new deal. Remortgaging is a good option for any UK home owner that would like to reduce the cost of their current mortgage.
However, the decision to remortgage shouldn’t be taken lightly: it’s just as important to consider the financial implications and benefits as it were when you signed up for your current mortgage. There are a variety of different benefits to remortgaging your home and several options to choose from.
What is remortgaging?
In simple terms, remortgaging is the process of switching your current mortgage deal to a new mortgage deal, either by negotiating a new deal with your current lender or by changing to a different provider.
It isn’t the same as getting a mortgage on a new home because the new mortgage is still secured against your current property. Furthermore, the less you owe on your current mortgage and the more equity you own, the more likely you are to be offered a better remortgage deal.
Why remortgage your home?
The main reason that many individuals decide to remortgage their home is because they are looking for a better deal on their existing mortgage loan. It could be that you just want to reduce the amount of interest on your loan, or that you are planning to change the interest to a fixed rate instead of variable – either way, remortgaging is a great option.
Additionally, home owners that have a large amount of equity can remortgage their home for a larger amount and take some of their equity in cash. This is a good solution for individuals that require funds to buy another home or would like to make improvements to their current home but don’t have the funds readily available.
When is the best time to remortgage your home?
It’s completely your choice as to when you decide to remortgage your home, however, many home owners remortgage when they’re more likely to get a better deal from their current lender or a new mortgage provider. This could be when:
- You’ve come to the end of a fixed rate mortgage deal and don’t want to change to a variable rate
- You have built up equity of a minimum of 10% in your home and would like to take some of your equity as cash
- Interest rates are significantly lower with other lenders than what you’re paying on your current mortgage deal
How can our remortgaging service help you?
Because of the number of remortgage products available in the UK, it can be an extremely daunting process when trying to find the best deal for you. Some of this is due to competitive mortgage deals not being readily available from mainstream lenders. That’s where we come in.
We work with first time buyers, investors, and home owners to find them the best mortgage or remortgage deal for them. Our professional team are always on hand to offer excellent advice and we have access to several special offers and discounts that are only available through financial brokers.
Get in touch with a member of our team today
Whether you have a few questions about our Carnoustie and Dundee remortgaging service, or whether you just require some advice from a remortgaging specialist, a member of our team is available to offer a helping hand.
Please don’t hesitate to call our Dundee team on 01382 684055 or our Carnoustie team on 01241 664593, or complete our online contact form. We’ll happily answer any of your questions.
Please contact us using the form below. Alternatively, visit our contact us page for more details.