A remortgage is substituting a new mortgage for your existing one. Perhaps to take advantage of a better mortgage rate, pay off debt or raise capital.
Clients remortgage for a many reasons; it could simply be shifting the mortgage on your home to an alternative one with better rates or terms. You might be wanting to raise some capital for the holiday of a lifetime, debt repayments or you might need to purchase your partner’s share of the equity.
Whatever life throws at you, we’ll work our hardest to make sure you receive the best possible service and advice to suit your own particular circumstances.
Once you complete our Factfind, we’ll be able to give you a good ideal of your likely options almost immediately. Remember, as a broker, we have access to mortgage products designed specifically for complex & unusual circumstances that wouldn’t normally be available on the High Street.
More Information on Remortgages
Remortgaging is ideal for people who are looking to consolidate debt or find a better mortgage deal. Similarly, refinancing is a type of remortgaging which involves transferring a mortgage but keeping the same mortgage lender.
A borrower would consider remortgaging usually to save money by paying a lower rate, perhaps because the borrowers circumstances now mean they’re eligible for a lower rate mortgage. Quite often, borrowers took out a fixed rate mortgage which tied them in for a number of years at a fixed rate but once this comes to an end, the rate reverts to Standard Variable Rate (SVR) and repayments fluctuate with the market.
Remortgaging can also be attractive to borrowers looking to consolidate their debt to include other loans & credit card accounts. This means your mortgage might increase but also means that there are no other monthly loan payments to worry about, other than the one standard mortgage payment.
Remortgaging is also used to release some equity in the property, enabling the borrower to obtain a cash sum rather than trying to get another loan. This is often used for home improvements such as an extension, double glazing, a conservatory or loft conversion.
Applying for a remortgage can be a simple process as long as the borrower involved has a good credit history and has met all of their previous monthly repayments in time.
The length of time it takes to remortgage varies from person to person. If there is a particular urgency then there are fast tracking options available which can put you ahead of the queue but typically takes about 6 weeks.
We can obtain a Decision In Principle within hours for you.
Complete our full Factfind document [download] and email it back to us at Martlandmortgages.com
We will then match your needs to the most appropriate lender & contact you with details of rates and fees once we have a Yes! Decision in Principle from a lender.
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Westminster Chambers • 106 Lord St Southport • Merseyside PR8 1LF
You may be required to pay a broking fee. The fee will depend on your circumstances, an indication is 2.5% of the loan subject to a minimum of £2300.
The overall cost for comparison is 4.6% APR but the actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.