CALL USWhat 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 is currently 6.64%*, and research suggest 27%** of mortgage holders 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. 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.
* source Moneyfacts Group correct as of 11th January 2023
** source Habito correct as of 12th December 2022
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.
Organise a free consultation
Leave your details or phone us now on 02074276067
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.
Think carefully before securing other debts against your home.
You may have to pay an early repayment charge to your existing lender if you remortgage
Your home may be repossessed if you do not keep up repayments on your mortgage.
