Our Guide to Remortgaging
Dom Beer and Chris Beer
It is crucial when taking out any form of loan that you make careful deliberations. When applying for a loan against the value of your property, it is essential that you keep in mind that your property may be repossessed if repayments are not met.
Is remortgaging for you?
If you are looking to remortgage your property then this could be because of a range of different reasons. It could simply be to find a more competitive rate, or maybe you just need more funds.
When it comes to the various costs across our lifetimes, mortgages are generally the largest financial commitment that we each make. As with any sort of large purchase, whether that be a new phone or your car insurance, shopping around can help save money, and remortgaging is no different.
Choosing the right mortgage for you will help you to save money!
Reasons to remortgage
When looking to remortgage, it is not necessarily about just saving money. The mortgage also has to be right for your personal situation.
Why remortgage?
Your mortgage is no longer working for you
Since originally receiving your mortgage your circumstances may have changed. This could be due to receiving an inheritance or maybe just a pay increase at work. If you are now looking to make extra payments but your mortgage doesn’t allow it then remortgaging could be for you.
Or maybe you are looking to be able to take payment holidays on your mortgage, as maybe you are changing jobs or you are looking at re-entering education.
You need to borrow more against your property
If your lender does not want to lend you extra money, or their terms for doing so are particularly unfavourable, then remortgaging could be a better option.
Finding the best deal for you
When it comes to finding a mortgage, there are so many options that it can become extremely mystifying.
Our advisers have years of experience in financial services allowing them to help steer you in finding the best mortgage options for your circumstances. They will even be able to help clearly outline your choices so simplifying the decision process.
We will be able to take a look at your existing mortgage, assess your situation, and search the market for a deal that is right for you. We will even make sure to outline adverse aspects of the mortgage so that you will not find any unexpected surprises in the future.
Choosing the right mortgage and at the right time could save you considerably over the mortgage term.
FAQs
Can I remortgage if I am on a fixed rate?
Fixed-rate mortgages will often mean that you are tied in for a set number of years, so the lender will most likely apply an early repayment charge if you decide to leave the deal before the end of the term.
Our expert advisers can take you through any questions you may have about your specific circumstances as to whether a remortgage will be best for you.
Are deposits needed when remortgaging?
The short answer is no as a remortgage uses equity from your home; however, if you want to get a smaller mortgage then you can add a deposit to the equity you own.
Will there be a new valuation?
There will most likely be a new valuation that will be carried out by the lenders’ own surveyors when you apply for a remortgage. This allows the lender to assess whether they are able to offer the funds against the value of the property and allows them to calculate the deal they can provide you.
Are you wanting to take the next step?
We will be with you every step of the way of your remortgaging journey. Speak with our team of mortgage advisers today to arrange an appointment.
We are able to help with a remortgage, as well as with mortgages for moving homes or first-time buyers. Our experts are on hand to simplify the process so helping to remove that needless stress and worry. Whatever your needs, our team will be there to discover a mortgage deal that suits you.
Get in touch with our mortgage advisors
About Beerstone
Beerstone Financial Services was established in 1996 by Chris Beer, our Founding Director, who still plays a key role in the company and ensures we maintain the best service.
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Beerstone Financial Services was established in 1996 by Chris Beer, our Director, who still oversees the company and ensures we maintain the best service.
In total we have over 30 years of experience in financial services working in a range of environments so you can be sure that your situation is in experienced hands.
Speak to our team
Visit our offices: 2 Southernhay West, Exeter, EX1 1JG
Beerstone Financial Services Ltd (542704) is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Beerstone Financial Services Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. ABC Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.'