Birmingham Midshires - Mortgageable

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I’m thinking of remortgaging, what do I need to know.

There are plenty of reasons to remortgage. Perhaps you’re looking for a better interest rate, or you simply need to borrow more? We’d be happy to advise you, no matter what your reasons are for wanting to remortgage.

You already know how important it is to get the most suitable mortgage. We’re pleased to offer a quick and simple remortgaging process for existing homeowners. The entire application can be handled over the phone by one of our advisors, meaning that there’s no need for a lengthy sales appointment.

Even better, we search the market to find the best possible remortgage deals and rates to suit your situation. We’ll even handle the remortgaging process for you, so you won’t need to spend your time and energy filling in complicated paperwork and liaising with lenders.

Should I remortgage?

The main reason you might want to remortgage is to save money in the long run. But there are other reasons too! Here are some of the main ones.

Your current deal is coming to an end – once your fixed term mortgage comes to an end, your lender will put you on their standard variable rate or reversionary rate. This is unlikely to be the best rate you can get. Start thinking about remortgaging around 3-4 months before your rate comes to an end.
You want a better interest rate – if you’re tied in to a mortgage rate that you want to escape from, we can help you to decide whether the early repayment charge is worth it for the savings you’ll make in the long run. You could be surprised.
You want more flexibility – want to overpay your mortgage, or even have the freedom to take a payment holiday every now and again? You might even want to switch to an offset or current account mortgage where you use savings to reduce the amount of interest you pay. Whatever the reason, there are flexible deals out there, and we can help you to find them.
You want to borrow more – remortgaging with a new lender might help you to raise money at a favourable rate. Whether you want to release equity to finance some much-needed home improvements or pay off your existing debts, remortgaging could be the way to go. Your home’s value has risen a lot – this is always a nice situation to be in. In these circumstances, you’ll often be eligible for much lower rates. It’s always worth finding out. You’re concerned about interest rates going up – your current mortgage rate may not be affected by interest rates rising, but it’s worth checking. And if you’re on a variable rate, then now could be the perfect time to consider switching to a fixed rate.
You want to add or remove a partner – if you’re adding a partner, in some cases this will make you eligible for a better rate when remortgaging. If you’re removing a partner, you may need to consider whether you can afford to meet the repayments on your own.
Buy another property – you may want to remortgage to buy a new property or holiday home, in which case a remortgage would release equity and may provide you with enough capital to make the purchase.

The costs of a remortgage may surprise you and you may even be able to remortgage with bad credit, feel free to contact us today to speak to one of our qualified mortgage advisers.

Are there any reasons why I shouldn’t remortgage?

Representative Example: If you borrow £15,000 over 10 years. Initially, on a fixed rate for 5 years at 5.10% and for the remaining 5 years on the lender’s standard variable rate of 5.05%, you would make 60 monthly payments of £184.29 and 60 monthly payments of £185.99. The total amount of credit is £17495; the total repayable would be £22,216.80 (this includes a Lender fee of £995 and a broker fee of £1,500). The overall cost for comparison is 8.8% APRC representative.

Rates between 3.4% to 29.% APRC. Repayment terms between 3 and 30 years.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Think carefully before securing other debts against your home

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.