Re-mortgaging refers to the act of transitioning from your current mortgage arrangement to a new one provided by a different lender.
Why consider re-mortgaging?
It presents an opportunity to explore alternative offers from various lenders, potentially securing a more favorable deal for your mortgage.
How does the outstanding mortgage balance factor in?
The outstanding mortgage amount seamlessly shifts to the new mortgage product.
As your existing fixed or variable mortgage deal concludes, you typically transition to your lender’s Standard Variable Rate (SVR) or a variable rate mortgage. These rates could be higher than your fixed or variable rate, causing potential increases in your monthly payments. Re-mortgaging upon the expiration of your current arrangement could potentially lead to reduced mortgage payments. Lender variable rates can change unexpectedly, prompting fluctuations in your monthly payments. This unpredictability is a prime reason many individuals opt to re-mortgage into a fixed-rate deal.
Navigating the re-mortgaging process:
Given the intricate nature of the process, especially to those unfamiliar with the industry, our expertise becomes invaluable.
Our commitment to you without imposing fees:
We assess your financial landscape to determine affordability. We scour the entire market to pinpoint the ideal deal tailored to your requirements. We ensure optimal timing for re-mortgaging, avoiding potential penalties. We guide you through the re-mortgage application process and provide solicitor recommendations.
Indeed, expenses such as solicitor fees and lender charges exist.
Should you opt for re-mortgaging before your existing product expires, a repayment charge might apply. We diligently monitor dates to keep you informed about potential charges.
Numerous lenders extend enticing incentives. As mortgage brokers, we offer access to deals often devoid of product fees, valuation fees, and legal fees.
Timeframe for re-mortgaging:
Though precise timelines vary, a re-mortgage generally takes between 4 to 8 weeks, contingent upon specific criteria and lender processes.