What Is Remortgaging?

Remortgaging is when you look to move from one mortgage deal to another, either with the same lender or a new lender. It is also known as refinancing and essentially involves paying off your current mortgage by obtaining a new mortgage in its place.

As mortgage advisers in Plymouth, we are well-versed in the industry and strive to provide our clients with the best advice when comparing mortgage rates in Plymouth.

Why Should I Remortgage?

The most common reason for looking to remortgage your home is your current mortgage is ending. Usually, this means going onto the lenders’ standard variable rate, which can be a higher interest rate and increase in your monthly mortgage payment.

We have access to whole of market, which means that we can search the mortgage market to find you the most suitable mortgage deals available and help by making sure you’re not paying too much, especially with interest rates rising, when your current deal ends.

Raise Additional Funds

A remortgage can also be used to raise additional funds and can be cost-effective form of borrowing.

There are many reasons why you may want to raise funds, including:

Home Improvements: Improving or repairing your home can be very costly, and finding the funds can sometimes be challenging. Raising these funds from additional borrowing on your mortgage could be a cost effective way of doing this.

Raising A Deposit For Another Property: If you are interested in another property but don’t have the deposit available, remortgaging your existing property can help. Our team can offer advice on the best way to do this.

Consolidating Unsecured Debts: Remortgages can also be used to pool together existing unsecured debts and depending on interest rates it might well be more cost effective. This isn’t always a good option for everyone, but we can help you establish what options you have and if it would be a good option for you. 

There are several things to consider when looking to remortgage, and this will differ from person to person. Our team of experts will ensure that we fully understand your situation and goals before recommending a remortgage.

Your home or other property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Call Us For Expert Mortgage Advice

Your mortgage is one of your most significant commitments, so why not let us see if we can find you a better mortgage and potentially save you thousands? Call us to speak to a Plymouth-based mortgage adviser today.

How Can We Help With Remortgaging Your Home?

Our team of mortgage advisers in Plymouth make sure that they fully understand your goals and what you want to achieve, whether that is lowering your monthly payments or raising additional funds.

Working with you to understand your current circumstances will allow us to find the right solution to suit you and provide you with the best mortgage advice.

We do not just look at your current plans. We also help you plan for the future to ensure that the recommended mortgage suits your current needs and is suitable for your future plans.

Remortgaging FAQs

How can I benefit from remortgaging?

There are several ways that you could benefit from remortgaging. The most obvious is that you could save a lot of money over the mortgage term by securing the best possible mortgage deal.

Our Plymouth-based mortgage brokers will be able to talk you through all your options to help find you the most suitable remortgage for your circumstances.

Can I remortgage my existing mortgage if I have bad credit or a low credit score?

Whilst your credit history plays a big part in applying for a remortgage, you may still have options. This will all depend on your circumstances; once we have established your credit history, we can help guide you to the most suitable mortgage products.

Are there any fees or costs associated with remortgaging?

It is common for there to be fees involved when looking to remortgage your property, but this will vary from lender to lender. When we are looking to find you the most suitable mortgage deal, we will also consider any fees that may be payable to ensure it is the most cost-effective deal overall. The types of fees that may be payable are solicitor, lender/product and valuation fees. Remortgage deals will not always charge some of the above fees, so it is essential to ensure you account for this when assessing how cost-effective a new mortgage deal is. As remortgage experts in Plymouth, we can help ensure it is the best option once all fees have been considered.

How do I start the remortgaging process?

To start the remortgage process, we suggest first checking when your current mortgage deal ends; ideally, you want to start the process around 4-6 months from the end of your existing mortgage product. Then, we suggest contacting a mortgage broker. As whole-of-market mortgage brokers, we will not only be able to search the market for deals, but we will also be able to establish which ones you are eligible for based on your circumstances.