Remortgaging is the term used for changing your mortgage. Whether you choose a new lender or opt for a different mortgage with the same lender (known as a product transfer), you will be applying for a new mortgage product.
Timing is crucial when it comes to benefiting from remortgaging. There are circumstances where it’s a good idea, and others where it can be detrimental.
You will likely benefit from remortgaging if any of the following circumstances apply:
You want to change your mortgage type: If you need to switch from an interest-only to a repayment mortgage or change the property use from residential to Buy-to-Let, remortgaging may be necessary.
Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.
Remortgaging may not be the right choice if any of the following circumstances apply:
You are not obligated to remortgage, but if you choose not to, you will transfer to your lender’s standard variable rate. These rates are generally higher than other mortgage deals, resulting in increased repayments.
When you apply to remortgage, you can expect to pay similar fees to those of your original mortgage. Arrangement fees, booking fees, legal fees, and valuation fees may apply. While a deposit is not required for remortgaging, offering one can improve your chances of acceptance.
Multibroker can provide valuable assistance in remortgaging your home. We can advise you on whether your circumstances are suitable for remortgaging, helping you avoid costly decisions and failed applications. Our expertise allows us to find the most suitable deal for your situation and approach lenders on your behalf. We can guide you on the optimal timing for remortgaging and assist with the application process until completion.
Get in touch with Multibroker today to explore your remortgaging options.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.
Get in contact for a free consultation with one of our expert advisers.
LEGAL
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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