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If your current mortgage deal is due to come to an end, or if you are thinking of the next big property adventure, a new kitchen, or even purchasing a second property, FOCUS can guide you through the options available to you when remortgaging.
Reviewing your options at the end of of your current mortgage deal
It is not always necessary to fully remortgage your home at the end of a rate. Some lenders will allow those that do not need to make material changes to their mortgage to simply switch their rate, this is a very cost -effective solution to those comfortable with their current terms. Our mortgage advisers can help you decide on the most suitable option for you at the end of your current mortgage deal.
Remortgaging to fund home improvements
Remortgaging isn’t always about moving house. Your home may well provide you with the opportunity to extend or renovate. Many people look to remortgage in order to make improvements within their home, whether this be an extension, new kitchen or loft conversions. It is also possible to apply for a further advance on your existing mortgage and we are here to help you explore all the options available to you.
Remortgaging to a better rate
Remortgaging offers the opportunity to reassess your current mortgage rate and costs. Over time as you repay your mortgage and therefore have more equity within the home, you may be eligible for a better mortgage rate. Many clients look to find better rates with other mortgage providers when remortgaging rather than just taking a new rate offered by their current lender.
Funding for a second property
Another common reason for remortgaging is to look to raise some capital to purchase a second home or buy to let property. As the equity in your main residence grows, remortgaging can provide the opportunity to fund a second home or buy to let investment property.
When your first or current mortgage deal comes to the end of its initial term, it’s likely that the rate will increase or default to the lender’s standard rate at that time. A remortgage is when you switch to a new mortgage product – either with the same lender or with a new mortgage provider. It doesn’t necessarily mean you have to buy a new property – but it can be used to borrow more money to do home improvements or buy a second property – it simply allows you to switch to a better rate.
The key point to remember is that you don’t have to wait until the end of your current mortgage deal to start looking at the options available. These can include a product transfer with your current lender or a remortgage to a new one. Ideally, you should start looking for a remortgage or product transfer deal approximately three months before your current arrangement is due to end. This will allow you the time to explore the options available and then allow the application process to be completed in time so that you remortgage as your current mortgage ends.
You won’t always need a conveyancing solicitor when you remortgage. For example, if you’re simply applying for a further advance on your existing mortgage with the same lender, there are usually no legal charges involved and no surveys etc. The same will normally apply if you remortgage with your existing lender at the end of the initial term by what’s known as a product transfer as this requires no additional legal work.
In other circumstances, such as moving to a new lender or funding an additional purchase, a remortgage will require the involvement of a solicitor. However, many lenders include a free remortgage conveyancing service as part of their remortgage deals.
We offer the choice and flexibility of telephone, video-link or face to face appointments to suit you. Our approach is detailed and personal – we treat all our clients as individuals rather than looking for an “off the shelf” mortgage solution.
As part of the remortgage process, we’ll review your current insurance arrangements, including life insurance protection and home insurance policies. Where appropriate, we’ll make recommendations to update or change these depending upon your current circumstances.
We’ll provide guidance with regards to the need for a solicitor and help you understand the entire process. We’re with you all the way.
A mortgage is a loan secured against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
You may have to pay an early repayment charge to your existing lender if you remortgage.