If you’ve been with the same mortgage provider for several years, chances are that you are paying more than you should for your loan and if that is the case, then you need to consider a remortgage.
A lot of people remortgage at the end of their mortgage period in order to negotiate better terms from their mortgage provider or they look for an another mortgage provider with better terms than their current mortgage. People also remortgage their properties to help raise money for debt consolidation, home improvement, or to raise capital for any project. Remortgage also help release the equity that has accrued to a property if the property has risen in value during the period of the existing mortgage.
If any of the above situations describes you and you need a remortgage on your property, there are certain things you should know to look out for and this guide will try to make them clear.
It is a good idea to start your remortgage plans on time. A good time to start is when you are approaching the end of your current mortgage period. Once the period ends, your mortgage provider will automatically switch you over to their standard variable rate (SVR). The standard variable rate typically involves an increase in your monthly repayments. Planning your remortgage two or three months in advance gives you enough time to get all the necessary details set. It is a good idea to contact us during this period so that we can be involved from the onset and help expedite the process.
Review your current mortgage
It is important to know the terms of your current mortgage before you decide to go for another offer. You may already have a great plan and should not change, although this is not always the case. Read your current mortgage contract, your current lender might charge an early repayment fee, or an exit fee and you need to know this. At Re Mortgage Fast, our mortgage experts can take a look at your current mortgage documents and explain to you in detail what it entails. We can also help you determine if your current mortgage plan is okay or if you are ready for a change.
Research the Market
It is absolutely important that you shop around when considering a remortgage. Because you want to save the time and effort, you might be tempted to accept a new deal or continue with your current plan from your current mortgage provider. As a matter of fact, if you inform your current lender of your plans to remortgage, chances are they would try to convince you to take another of their plans. Your leaving means their losing money and they would try to do anything to keep your account. However, you need to know that the mortgage industry is highly competitive and you could end up with a better deal if you cast your net among a wider selection of mortgage providers. To make it as easy and as painless as possible, we can do the shopping and market research on your behalf. Making use of our service opens you up to thousands of mortgage deals which you will not be able to access on your own. Furthermore, we take the extra step of filtering through all these deals to identify the one that is just right for your situation.
Know your potential savings
Remortgage has a lot of benefits but since a lot depends on your ability to pay your monthly repayments, it is important you first make a proper assessment of your potential future savings. This is even more important, if you intend to go for a remortgage plan with a lower repayment period than your existing contract. You need to know if the move is right for you or if it will only incur you more costs. What this means is that you need to weigh the money you will spend if you remortgage with the potential money you could save if you remortgage. Some mortgage providers charge an early repayment fee and you might need to find out how much that is. Calculating the pros and cons in monetary value can be a complicated process especially if you take into consideration the fees involved. This is where we come in. Once you involve us in your remortgage plans, our mortgage experts at Re Mortgage Fast can crunch the numbers on your behalf. Not only would we weigh the pros and cons on your behalf, we can also access and compare thousands of plans quickly and find the best deal for you.
Know your credit rating
Before any mortgage provider makes an offer, they would first need to check your credit rating. Your credit rating is an estimate of your ability to fulfill your financial commitments. This rating will help mortgage providers and lenders decide whether to lend you money, how much they should give you and the interest rate to charge. It is important you check your credit rating to make sure the information contained is accurate and to know beforehand your current credit score. You can contact credit referencing agencies such as Equifax, CallCredit or Experian to find out your credit rating. If there are any errors, you will have enough time to get it sorted out before starting your remortgage application. If you find out you have a bad credit rating, all is not lost. We know what to do to help you get your remortgage approved even with a poor rating.
Whatever your reasons for a remortgage, we are ready and available to help you make the right choice. And we can access the whole mortgage market in Hampshire, so if you need remortgage anywhere in Southampton, Portsmouth, Petersfield , Basingstoke , Winchester , Gosport , Andover, Aldershot , Farnborough, Fareham, Eastleigh, Havant, , Fleet or Waterlooville, we can open you up to thousands of possibilities.
Re Mortgage Fast can review your circumstances and give you a mortgage offer that best suits you.
Call us on 02380970979 or send us an email using the contact form provided to speak with someone today.