A remortgage is a policy where you are provided a new mortgage deal for a house that is already yours. During a remortgage, you generally have to move to a new mortgage provider. Here at Remortgage Fast, we have helped many homeowners like you across the Hampshire area to find the right remortgage deal. We can help you too. Call the number at the top of the page to get started right away.
Why Should You Remortgage Your Property?
There are three main benefits to accepting a remortgage deal.
- You will be able to release equity on your home
- You will be able to improve on the flexibility of your current mortgage deal
- You can save some money on monthly repayments
Before Choosing to Remortgage
It is important to consider your personal situation before choosing to remortgage. For instance, your current lending agreement could contain an exit fee that will be triggered when you elect to go with another provider following a remortgage. Your new lender may also charge set up and valuation fees. If you are currently in a fixed rate deal, you will have to pay an early repayment charge to be able to terminate the current deal.
It is also important to keep in mind that you may not be accepted by a new mortgage lender. This is especially true if you employment or personal situation has changed significantly since you were approved for your present mortgage deal.
Are you remortgaging to release equity?
Your mortgage payments will rise if approved as the amount you are borrowing will be higher. Additionally, since your loan to value will decrease, you could see an increase in interest rate.
Are you remortgaging for debt consolidation?
If you are thinking of remortgaging for debt consolidation or to pay for something, you need to be certain that you have appropriately understood the calculations. It is true that mortgages generally have lower interest rates when compared against loans and credit cards but when the length of repayment is factored in, you could be better off going with a credit card now.
Need Help With Remortgaging?
Get in touch with us today to discuss all your remortgage needs. Let us answer all questions you might have and help you find the best remortgage deal for you. We have worked with millions of homeowners across the Hampshire area including Southampton, Portsmouth, Basingstoke , Gosport , Andover, Waterlooville , Aldershot , Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet, Petersfield and all nearby areas. Contact us today to get started right away.
When Should You Consider Remortgaging
Your Current Deal is About to End
If you elected to go with a fixed rate deal when taking out your mortgage, it would have been set to run for between 2 and 5 years. As you near the end of this deal, it is the right time for you to start searching for a new deal.
You are on A Standard Variable Rate
Borrowers are often moved to the Standard Variable Rate (SVR) at the end of the agreed fixed term. At this point, you may be paying higher or lower rates than you were paying on the fixed term, often in line with the base rate set by the Bank of England. Therefore, if you are on the SVR already, remortgaging can save you money and get you a better deal.
Your Property Value has Increased
You can get a better deal with remortgaging if the value of your property has gone up since you got your mortgage or since it was valued. If the new value of your home improves your loan to value standing, it is possible for you to get an improved deal with a remortgage.
You Need More Flexibility
If the mortgage deal you signed up for initially is now unfavourable to you, remortgaging might help. It could be that your personal situation has changed and you need to be able to skip payments on some occasions or to do some overpayments t on other occasions without any penalties. Remortgaging will help you find the right mortgage type that meets these needs.
Contact us today for Remortgage Advice
Remortgaging may not be the best option for you today. Contact us here at Remortgage Fast to help you make a decision on whether getting a new deal will be beneficial in the long run.
The numerous remortgage options in the market make it difficult to make a decision. We can quickly find the best options for you by simply analysing your personal situation. Many more Hampshire homeowners are saving money on their mortgage by following our remortgage recommendations. Whether you live in Southampton, Portsmouth, Basingstoke , Gosport , Andover, Waterlooville , Aldershot , Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet or Petersfield, you can trust us to help.
How much will you be able to save after the remortgage? Contact us to know!
Why Should You Choose a Hampshire Mortgage Broker for Remortgaging?
A qualified Hampshire mortgage broker will offer advice on the pros and cons of going with a specific option as well as the pros and cons of remortgaging in the first place. As qualified mortgage brokers, we are privy to information on the best mortgage deals from different lenders. We know all the best deals from both traditional lenders to more specialised lenders because we are constantly trawling the thousands of deals available on the market at any point in time.
By using a mortgage broker like Remortgage Fast, to find your mortgage deal, we can save you the leg work of analysing dozens of deals. Our analysis covers arrangement fees, restrictions, interest rates and any peculiarities. You can be certain of getting the best deal possible.
Contact the Remortgage Fast team today to get started.