ReMortgage Advice 

ReMortgaging is your opportunity to get a better rate, build that extension or buy your dream car.  

Get a better rate

You can often save thousands by switching lenders.

Raise Funds

Release equity to extend or improve your home, buy a car or invest in a new business. 

Consolidate Debts

When it makes sense to repay other creditors and improve your monthly cashflow

What is a  Remortgage?

A remortgage is a new mortgage with a different lender to the one you are currently with. This differs from a product transfer which is a new mortgage product from your existing lender.

When considering remortgaging to obtain a better rate a comparison is often drawn against your current lenders product transfer offering. 

Note: Remortgaging is your opportunity to raise finance at what is normally a preferential rate due to the loan being secured on your home. It important your adviser takes a holistic approach to your finances and asks good questions about your future intentions. As once you have remortgaged it can be both difficult and costly to raise capital from the equity in your home. 

Why you need to consider a Remortgage?

Almost all borrowers will need to consider remortgaging at some point during the term of their mortgage. It's highly unlikely that the bank you start a 30 year mortgage with will be the best option for the entire term of the loan. As a remortgage adviser in Newcastle I have helped clients;

  • Switch to a better rate than what the existing mortgage provider is offering 
  • Raise money to invest in buy to let property 
  • Raise money to extend their home as an alternative to a home improvement loan 
  • Raise money to buy a car as a cheaper alternative to hpi 
  • Consolidate debts into a mortgage and improve monthly cash flow 
  • Change to or from an interest only mortgage 
  • To repay a mortgage balance when the term has come to an end 

Speak with an Independent Newcastle remortgage adviser today 


faq

  • Better Rate

  • Raising Money

  • Debt Consolidation

What fees will I need to pay to remortgage?

Fees may include a property valuation fee, solicitors costs and a mortgage broker fee. The good news is the remortgage market is very competitive and in most cases the fees will be minimal. Lenders generally offer free valuations and even free conveyancing. Most brokers will also offer a lower fee for remortgages if it is a simple case. A good broker will compare the total cost of switching lenders to the total cost of remaining with your existing lender. 

Can I shorten or extend the mortgage term?

Yes when remortgaging you can vary all aspects of the mortgage including the product term. When extending the term the lenders maximum borrowing age may need to be taken into account. The maximum age differs between lenders which is something your adviser will take into account when selecting the best fit lender. 

Is the process as difficult as getting a mortgage?

Generally no, remortgaging is a far simpler process especially as the buying and selling process is not taking place. Lenders will still have to assess you and your property however expect a much smoother transaction than your initial purchase

Got a question, speak to a specialist adviser