Remortgaging can be defined as the process of switching your existing mortgage to a new deal either with the same lender, or a new one.
Remortgaging can offer a range of benefits and could potentially save homeowners thousands of pounds over the life span of their loan.
Remortgaging involves moving your mortgage from one lender to another without moving home. It’s a strategic financial move that can be used to secure a lower interest rate, alter the term of the loan, or release equity from your property. By shopping around for a new and potential better deal, homeowners can take advantage of market competition and changing economic circumstances.
The benefits of securing a lower interest rate can result in substantial savings over the years. However, the remortgaging process can incur costs such as exit fees, application fees, valuation costs, and legal fees. A detailed cost-benefit analysis is essential to ensure that the savings outweigh these expenses.
Before making any decisions on remortgaging, seeking expert advice is vital. Mortgage brokers have access to a wide range of products and can provide tailored advice based on your individual circumstances.
While remortgaging can offer financial benefits, it also carries certain risks. Homeowners must carefully consider their long-term ability to meet mortgage payments, especially if circumstances change. Additionally, extending the mortgage term to reduce payments can mean more interest paid over the lifespan of the mortgage.
In summary, remortgaging can be a savvy financial decision for many homeowners. With careful planning, expert mortgage advisers having a keen eye on the market, you could improve your financial position by finding a mortgage deal that better serves your current and future needs.
Get in touch with one of our mortgage & protection advisers and let’s see how we can help you!
THINK CAREFULLY BEFORE SECURING OTHER DBETS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 15.08.2024
The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Will writing is not part of The Openwork Partnership’s services and is offered in our own right.
The Openwork Partnership accepts no responsibility for this aspect of our business. Will writing and Trusts are not regulated by the Financial Conduct Authority.
The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable in any other country that may have access to it.
The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Just Mortgages Direct Limited Registered Office: Colwyn House, Sheepen Place, Colchester, Essex, C03 3LD. Registered in England No. 2412345
Approved by The Openwork Partnership on 09/02/2024
We have a wide range of products on offer from some of the UK’s leading lenders, so you can be sure to find a mortgage that meets your needs. We’re also dedicated to providing outstanding customer service, so you can rest assured that you’re in good hands when you choose The Mortgage Society.
Contact Us
You are now moving to a new site which is not regulated by the Financial Conduct Authority. We give no endorsement and accept no responsibility for the accuracy or content of any sites linked to the site. Click here if you wish to proceed.
