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For those that are unsure what a re-mortgage is, it’s when you take out a new mortgage to replace your existing one on the property you already own. People do this for a variety of reasons as it can have big benefits.
Re-mortgaging should be something that is on your mind just as your car insurance is. You wouldn’t let your current car insurer just renew your policy when you can possibly get a better deal elsewhere.
There can be a number of factors why people choose to re-mortgage their home. For some, simply reducing their monthly payments, or ensuring they stay as low as possible is the priority. For others the reason may be releasing the equity they’ve built up in their home or changing the terms of the mortgage to make it better suit their current circumstances.
If your mortgage deal is due to finish in the next few months, timing is important. Getting a new deal in place before your current one ends means you can avoid paying a lenders standard rate which can be more expensive.
An example of deals where re-mortgage timing may be important are Fixed Rate Mortgages which typically run for a set term of between 2 and 10 years. They then transfer to the lender’s standard variable rate of interest (SVR) which is probably higher. If your current mortgage is on a fixed rate deal, when you get to the end of the deal period you need to review and possibly re-mortgage if you don’t want to be moved onto the Standard Variable Rate.
There are many factors involved in getting a new mortgage, and the process may seem complex and time consuming. If you approach your current Lender for a new deal, they’re likely to only suggest their own rates.
At Regal Park Financial our qualified adviser is trained to ensure they are up to date with changes to legislation and will find the right solution for you. They can compare offers from over 50 of the most well known lenders, helping you find a suitable option for your circumstances, even if our final recommendation is to remain with your existing lender on one of their new offers.
Once we’ve researched everything for you, and found you a great deal, if you’re happy with what we’ve recommended, it’s time to submit your application. We’ll submit the application on your behalf, saving you the hassle of lengthy application forms and follow the application through to a successful conclusion.
We can arrange to visit you at home or you can come to our offices, whatever suits your needs, our adviser values building partnerships for life and will keep in touch with you every step of the way.
Once your re-mortgage has completed and your new payments start, we will keep in touch on a regular basis to ensure you remain “re-mortgage ready”. This will mean when the new deal approaches it’s end, we’ll be there again to review and continue to make savings. In the meantime, by keeping in touch, if your circumstances change in the interim, we’re still here to help and offer advice.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
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Why should you consider re-mortgaging?
Mainly it's to save you money
If your current mortgage deal is about to come to an end, it’s important to start shopping around for a new deal before you get transferred onto your lender’s Standard Variable Rate (SVR), which could end up being a lot higher than your current rate.
There is no set time to say when you should re-mortgage as it will greatly depend upon your own individual circumstances and reasons.
Reasons you may re-mortgage
You want a more flexible mortgage
You want to switch the mortgage types
The value of your home has increased
You want to buy out your partner
You want a better rate
What it may be able to do for you?
Save you money
Move you on to a fixed rate deal if this is right for you, so you are certain of what your repayments will be
Release equity in your home if it has increased in value
Fund home improvements
Move you onto a mortgage that better suits your current financial circumstances