Why should you remortgage?

 

There are various reasons why you may want to look at remortgaging, for example:

 

  1. You are currently paying (or due to start paying) a lenders standard variable rate

A lenders SVR is likely to be much higher than your old interest rate and higher than what could be available on the open market. If your previous fixed rate has ended and you have seen your payments jump then this is likely to be the cause. We advise looking for a new rate around 3 months prior to your current rate expiring.

  1. You want to reduce your current rate

You may have an early redemption penalty if you leave your current deal but sometimes this can work out more cost effective than remaining on your current rate if it is no longer competitive.

  1. You want to increase your borrowing

This would involve moving to a new lender with an increased mortgage amount, typically for things like home improvements, debt consolidation etc

  1. Your home has increased in value

Whether this is from completed home improvements or just general value increases, you may find yourself in a lower loan to value band than when you took out your mortgage. You may therefore be able to get better rates on the open market than remaining with your current lender who may not factor this increase into any automated valuation they may do.

 

Regardless of the reason for remortgaging, we are able to assist you fee free. Why limit yourself to your current bank/lender when we can look at the whole market and it doesn’t cost you anything