Remortgaging your Property

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Remortgaging your Home

Remortgaging is a common in order to get the most suitable mortgage deals possible or because of a change in your circumstances.

What exactly is remortgaging?

Remortgaging, as the name implies, is simply the process of replacing your existing mortgage deal with a new mortgage deal that more suits your needs and may even save you money.

Even if the term of your current mortgage has not been completed, you can still switch to a new mortgage deal. Although you should be aware of early repayment chargers on some initial rate mortgage deals.

Why Remortgage?

Although it is not mandatory to remortgage your house, it is however, advisable to do so because of you ever-changing circumstances and changes in the mortgage rates that are available.

For instance, mortgage deals that involve a base rate plus a fixed premium, can vary significantly according to what the base rate is. The base rate, as you may already know, is set by the Bank of England.

As such, it is subject to change depending upon the economic conditions and hence it can either go up or down.

Considering the Costs of Remortgaging

Remortgaging costs can include things like legal fees, repayments, arrangement fees and some other types of service fees charged by the lender.

The amount of the fees must be considered in advance in order to objectively assess the profitability of a certain remortgage deal.

If you are remortgaging from you existing lender, then you may be charged an early repayment fee which is kind of a penalty for switching to a new mortgage deal before the term-end of your existing mortgage.

Also, you must be cautious when adding any remortgaging fees to your loan amount as you will be charged interest based on the new total amount rather than on your original loan.

Remortgaging need not be a lengthy process. It is a process whereby you need to clearly understand why you are remortgaging and whether doing so will help you in anyway.

It is therefore necessary that you get an expert advisor to help you with finding the best mortgage deal that suits your current circumstances.

After you have selected the deal, all you need to do is file an application for remortgage. Again, an advisor can help you with the entire application process.

Once you have filed an application, the lender will assess it based on certain requirements such as your monthly income, the value of your house and other corroborating documents.

How to remortgage?

How The Mortgage and Financial Advice Place can help?

As you may have realised, remortgaging can involve a lot of complex calculations to assess whether it is advantageous for you to remortgage.

Experts at Mortgage Advice Place have a great deal of experience working with clients who have remortgaged there property.

We start by considering your financial situation and then offer you research-backed advice. This involves researching the best mortgage deal that suits your criteria. We carry out all the analysis to see if a particular mortgage deal will be of any benefit to you.

In addition, we take care of all the paperwork and procedures in order to make things as convenient as possible for you.

We work with the following Mortgage Lenders

Contact Us Today

Principal Protection Adviser
Gavin Morgan

Tel: 07973 341 963

The Mortgage and Finanical Advice Place Ltd Registered in England and Wales, under No. 08465507.
Registered office address: 116 High Street, Bangor, Gwynedd, LL57 1NS


Contact Us Today