Re-mortgaging: What you need to know
Remortgaging means switching your existing mortgage to a new deal - either with your current lender or a new one. It can be a smart financial move, especially if you’re coming to the end of a fixed or discounted rate, or your circumstances have changed.
In many cases, homeowners remortgage to save money, access better terms, or release equity from their home.
Why remortgage?
There are several common reasons why people choose to remortgage:
To get a better interest rate
Most introductory mortgage deals (like fixed or tracker rates) last between two and five years. Once that period ends, your lender will usually switch you to their Standard Variable Rate (SVR), which is often significantly higher. Remortgaging to a new deal could reduce your monthly payments and save you thousands over the life of the mortgage.
To fix your payments
In times of economic uncertainty or rising interest rates, locking into a new fixed-rate deal can give you peace of mind that your monthly payments won’t increase.
To release equity
If your home’s value has risen or you’ve paid off a significant chunk of your mortgage, you may be able to remortgage for a larger amount than you currently owe. This can free up funds for home improvements or other larger expenses.
To change the mortgage term
You may want to shorten your term (to pay off the mortgage sooner and save on interest) or extend it (to reduce your monthly payments).
Is remortgaging right for you?
Remortgaging can be a smart way to save money or adjust your mortgage to better suit your lifestyle. But it’s not always the right option for everyone. If you’re on a great rate, or if your financial circumstances have changed (e.g. lower income or recent credit issues), it may be better to wait or speak to an adviser.
Call 0117 911 8254 to arrange an appointment or request a call back.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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