What is remortgaging?

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Whether you need advice on releasing equity for home improvements, upsizing or applying for a remortgage, at Private Wealth Mortgages we can guide you through and find the best deal for your circumstances.
Our expert mortgage professionals are all fully qualified and have been helping clients navigate the mortgage market for more than 30 years combined.

What does remortgage mean?

Remortgaging is the name given to the process of changing your mortgage. Most commonly, this takes place when you switch to a new mortgage repayment deal with a different lender or renew your existing home loan under new terms. Although many people wait until the fixed term of their existing mortgage expires, it’s worth reviewing your rates and repayment terms regularly to find out if you would benefit from changing your home loan.

What happens when remortgaging?

Homeowners can remortgage at any time. Finding the best loan, rate or repayment terms when switching is like any mortgage selection process. This involves reviewing the interest rates available, assessing how much you want to borrow and looking into how much you can afford to repay. You can even search for suitable options using a remortgage calculator.

We have answered some of our further most frequently asked questions about remortgaging here that might be of some help: Questions to ask when remortgaging However, our specialist mortgage advisers have over 30 years’ experience and we offer an initial consultation with a review of your current circumstances and income levels for free and with no-obligation. So why not give us a call on 01403 270006.

How does remortgaging work?

When you take out a mortgage, you will be given a fixed term that includes an interest-only or capital repayment option. Once this term expires, you may find there are better options available to you, which are more suitable for your plans or financial circumstances.

Many people who remortgage often do so to increase or decrease the amount they repay on a monthly basis. Or they may want to take advantage of a good deal or interest rate on offer from another lender.

How often should you remortgage?

It’s important to remember you don’t have to wait until the term of your mortgage, or your contract with a particular bank or lender, has expired. You can constantly review the mortgage you have and assess whether it would be beneficial to switch. Bear in mind that if you do change mortgages by moving to another lender before the end of the term, there may be a penalty fee.

What documents do I need to remortgage?

It’s advisable to get any, or, ideally all these documents ready to ensure the process is as efficient as possible:

  • Your last three months’ bank statements
  • Your last three months’ pay slips
  • If self-employed: your last three years’ accounts/tax returns
  • Proof of bonuses/commission
  • Your latest P60 tax form 
  • ID documents (usually a passport)
  • Proof of address (e.g. utility bills or credit card bills)

Some other aspects you should consider when remortgaging include:

Remortgage charges

There can be a fee, not only for the early repayment of your current mortgage, but in order to take out a new mortgage with a different lender. It’s wise to investigate and calculate the cost of charges you will incur from moving your mortgage before you switch.  We will review the options with your present lender to avoid any unnecessary fees at the same time as considering what is available elsewhere.

Fixed or tracker mortgage

There is no correct choice when it comes to choosing a fixed or tracker mortgage. You need to decide which is best for your personal circumstances and research what kind of rate or repayment options are suitable. Using an online mortgage calculator can help you to assess this, but again considering your options with the expert advice of a mortgage adviser who has access to the whole market is the smartest way to do this.

Long term plans

As with any mortgage, it’s important to review the long-term plans you may have. Do you want to stay in the same property? Are you planning to start a family? Or are you hoping to retire within a few years? Questions such as these will help you determine the mortgage that’s right for you.

WHAT MAKES US DIFFERENT AT PRIVATE WEALTH MORTGAGES:

What makes us different at Private Wealth Mortgages is that we provide you with the best mortgages on the market for your personal circumstances and individual goals. We don’t just provide you with a list of mortgage lenders.

Our fully qualified mortgage advisors have more than 30 years of combined experience navigating the market and clients receive a mortgage strategy that helps them live more securely and comfortably both now and in the future. Whatever the circumstance, we can help you find mortgage options that give you financial security and help you with what’s best for you and your family.

Whether it’s a first time buyer mortgage, a remortgage, or any other type of home loan, our experienced mortgage advisors  take you through the whole process. Plus, we guide you through the everything to do with the entire property purchase. This includes recommendations for: surveyors, accountants, conveyancing specialists and protection and insurance policies.

We offer an initial consultation with a review of your current circumstances and income levels for free and with no-obligation. Give us a call on 01403 270006 or email: info@privatewealthmortgages.co.uk, and one of our friendly and experienced mortgage advisors will be happy to help.

Call our expert mortgage advisers today

01403 270006 Contact us now

 

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Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD

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