Remortgage

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Bennison Brown

149c Manchester Road, London

5

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What is a remortgage?

A remortgage is when you take out a new mortgage against your existing property repaying your current mortgage in the process.

Why remortgage?

There are various reasons why you may be looking to remortgage:

  • If you are either already on a lenders Standard Variable Rate (SVR) or will be soon when your deal expires.  The average SVR charged by the top seven lenders is currently 2.7% higher than the cheapest two-year fixed rate for re-mortgaging at 60% Loan To Value (LTV). In fact, almost three million borrowers are currently paying their lenders' SVR.  These borrowers could potentially remortgage immediately and start to see huge savings on their monthly mortgage payments.
  • Your current deal maybe on a tracker, or variable rate, which is currently very low but are concerned about the risk of interest rates rising.  The Bank of England has put up the base rate by 0.25% in November 2017. You may be concerned how any future rate rises may affect your monthly mortgage payments and want to see if you can protect yourself against these.
  • Releasing capital to enable you to pay for some home improvements, purchase a Buy To Let property, fund a holiday, buy a car, etc.
  • Reducing the term of the mortgage to minimise the amount of interest you will pay and become mortgage free as fast as possible.
  • Consolidating debts to reduce the financial burden of payments each month.

How can I get the best deal?

To get the best deal, you need to review all the mortgage rates offered by all the lenders in the UK, this can be very time consuming as well as difficult to do. Some lenders do not offer deals direct to customers and these products are only available through brokers. Even when you have found what is the best rate for you, every lender has different criteria and it is important to make sure that you are going to be accepted for the mortgage you have applied for.

Bennison Brown will review your current situation for free.  One of our expert mortgage advisers can find the best deal for your remortgage application, and we can do it fast. We will do all of the work for you in order to save you time and hassle, and we will advise you through every step of the process. Due to our expertise and thorough knowledge of every lenders criteria you can be sure that when we recommend a lender we know you will meet their criteria.

The first step we will take is to review your existing lender, if it makes sense to stay with them, then there will be no charge from Bennison Brown. If there are better deals available from other lenders we will discuss the fees involved with switching from your current provider.

Summary

A remortgage is a great opportunity to review your financial situation and take advantage of the great deals currently available. Remember:

  • Staying with your existing provider may be the easiest option, but not necessarily the most competitive.
  • Individuals cannot access all products, whilst a good mortgage broker will review the whole of the market for you.
  • Applications can be time consuming so allow enough time before your current deal expires and make sure you meet the criteria before you start.

Bennison Brown are committed to making this process easy for you and ultimately helping you make the right decision to save money. 

Bennison Brown Mortgages

149c Manchester Road, London

5

80 reviews

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