Remortgage

Remortgaging now could save money if you’re coming off a higher fixed-rate deal from previous years.

Remortgaging involves switching your current mortgage to a new mortgage deal. This can be done directly with your existing lender or via a Mortgage Broker. If you switch your mortgage with your current lender and remain with that lender, this is known as a Product Transfer. If you move to another lender that may offer a better remortgage deal, then this is what we generally refer to as a remortgage. The Mortgage Broker can compare the most suitable remortgage rates available in the market for you.

Remortgaging involves transferring your current mortgage to a new arrangement, either with the same lender or a different one, to benefit from improved rates, reduced payments, or access to equity in your property. If you’re contemplating remortgaging, it’s important to keep the following points in mind:

1. Evaluate your current mortgage: Take a close look at your existing mortgage terms, interest rates, and overall repayment structure.
2. Shop around for a new mortgage deal: Explore the market to find competitive offers from various lenders. Compare interest rates, repayment options, and any additional benefits or incentives.
3. Consider your financial situation: Assess your current financial circumstances, including your income, expenses, and any changes in your financial stability since obtaining your original mortgage. Determine if a remortgage is the right decision for you.
4. Seek professional advice: Consult with a mortgage adviser or broker who can provide expert guidance tailored to your specific needs. They can assist you in understanding the implications of remortgaging and help you find the most suitable options.
5. Prepare necessary paperwork: Gather all the required documentation, such as proof of income, bank statements, and details of your current mortgage. This will ensure a smooth application process.
6. Timing is crucial: Consider the optimal time to initiate the remortgaging process. Take into account factors such as interest rate trends, any penalties or charges for early repayment, and the expiration of your current mortgage deal.
7. Understand the associated costs: Familiarise yourself with the expenses involved in remortgaging, including arrangement fees, legal fees, valuation fees, and potential early repayment charges. Evaluate whether the benefits of remortgaging outweigh these costs.

If you are looking to remortgage, it’s important to get professional advice to get the best results. At Yatri Mortgages, we have designed a service to help you make smart plans around remortgaging.

Whether you are looking to raise money for home improvements, lower your monthly payments, repay debt or pay your mortgage off as soon as possible, we can help. We will compare your existing lender to the rest of the market and create a solution designed to save you time, effort and money.

Think carefully before securing any other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage.