Time to Remortgage? We're here to help
When your current mortgage deal is coming to an end it can be tempting to just accept a new rate from your existing lender or even worse put the letter in a drawer and risk slipping on to their dreaded ‘Standard Variable Rate’. Why not let us do the hard work for you, making sure you get the best new mortgage deal possible.
Below we touch on some of the key considerations when the end of your current deal is approaching.
A remortgage involves switching from your current mortgage lender to a new deal with a different lender. The most common reasons for you to remortgage may be to secure a better deal than your current lender is offering at the end of your existing deal or if you wish to borrow more money.
What is a product transfer?
A product transfer is where your current mortgage deal is coming to an end and you opt to stay with your existing lender and transfer on to a new rate. Your existing lender will typically offer new rates 3-6 months before the end of your current deal. Your mortgage adviser will still look after this process for you.
Should I stay or should I go?
Are you better off staying with your existing lender or switching? There are several factors which will help us to answer this question for you, these include:
- Cost – Understandably, this is usually the primary consideration for most people. The important thing to remember, particularly if you’ve been searching for deals yourself, is that it’s not just about the headline interest rate.Are there product fees? Is there a cashback incentive? Are there legal fees? Are there exit fees? We help by calculating the most cost-effective option for you.
- Your circumstances – There may be better deals available with new lenders, but are they available to you personally? A good example of this for a residential mortgage is if your financial situation has changed since your current deal started, such as reduced income, recently becoming self-employed or if your debts or outgoings have increased. By understanding your circumstances we are able to advise on the best options available to you.
- Borrowing more – You may wish to borrow more money, for example to fund home improvements, to purchase a second home or to pay off a help to buy equity loan. If you wish to borrow more money when your current deal comes to an end then this will impact on the most suitable option. If you want to borrow more before the end of your current deal then we can also advise on whether this is best achieved with your current lender or by remortgaging to a new lender.
Timing is everything
Remortgaging is more straight forward than purchasing a property and the process typically takes around 4-6 weeks on average. That being said, due to the current coronavirus pandemic there are likely to be delays so it’s best to start well in advance where possible.
- Current deal ending? - If you’re coming to the end of your current mortgage deal over the next 3-6 months it’s the perfect time to get in touch so that we can start assessing your options for you. If you’ve left it later or even moved on to a Standard Variable Rate then no need to worry, we can prioritise to ensure we get you onto a new deal as quickly as possible to avoid any additional costs.
- Thinking of borrowing more money? - It’s worth speaking to an adviser no matter how long you have left on your current mortgage deal. We can help assess whether additional mortgage borrowing is the right option and if so, whether makes more sense to remortgage with a new lender or to apply to your existing lender for the additional borrowing.
- Other considerations - If you are confused about whether you should take a payment holiday or If there’s a change to your circumstances on the horizon, it’s also worth getting in touch. We can let you know the implications this may have on your mortgage options in future and a little bit of planning can go a long way.
The benefits of using a whole of market mortgage adviser
- Advice – The most important part of what we do. By looking at the whole picture including your current circumstances, future plans and goals we are able to advise and make recommendations on the best option for you.
- Save time – From submitting the application to dealing directly with any requests from the lender, we look after the whole process on your behalf. We also have detailed knowledge of lender’s criteria, which saves you from trawling through to ensure you’re eligible.
- Save money – We look at the total cost of your different options, ensuring you make the best financial decision. In the vast majority of cases we don’t charge a fee for our services, unless it’s for something particularly complex.
- Whole of market – We’re not tied to any lenders. This ensures you have a greater opportunity to access the best deals on the market.
- Planning – We like to work with you to ensure you can achieve your financial goals, both now and in the future.
If you’re considering re-mortgaging now or in the future then please get in touch via email or on the phone for an informal chat about how we can help you. Alternatively send us your details and we will be happy to get in touch at a convenient time.
Lewis Gosling – Mortgage & Protection Adviser – 07790 002125 – email@example.com
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