Blog Article

Remortgaging your property

Remortgaging your property

Date: 21 February 2024 | By: cosgrove

Remortgaging can help your financial health in many ways, so we trust that you will find our guide to remortgaging your property valuable.

Whether you are looking at consolidating your debts, raising money for home improvements, looking for a better monthly payment than you currently have, or want to restructure the terms of your current loan, remortgaging may be an option.

In simple terms, remortgaging involves moving your current mortgage to a new arrangement, arranged either with your existing lender or with a new lender. It is very similar to the home buying process. That said, as it is not something that you do every day so it is important to ensure you have a clear understanding of the process and your knowledge is up-to-date.

There are many questions you will need to ask yourself:

- Is it worth doing?
- How much will setting it up cost?
- Can I afford it?
- How will it impact my other borrowing?
- Can I change the type of mortgage?
- Can I go elsewhere or do I have to stay with my current lender?
- Will any employment changes affect this?

Many borrowers choose to review their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out by paying more money than they need to. They could also miss out on the chance to finish their mortgage term earlier than originally planned.

The remortgage market is complex. There are many different mortgages to choose from. So it’s good to know that we are on hand to answer your questions.We will help you with the tricky process of not only getting a mortgage, but getting the right mortgage.

Our guide to remortgaging your property will help to clarify the terminology, benefits, risks and associated costs of remortgaging.