Remortgages

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Remortgages

A remortgage is the term used for applying for a mortgage with a new mortgage lender to pay off your old mortgage lender.

At some point in the lifetime of you owning a property, the need for a remortgage will come up and it’s not just for taking money out of your property which a lot of people think that’s what “Remortgage” means.

Whilst taking equity out of your property is a common reason for a remortgage, it’s even more common to get to the end of your current fixed rate deal and you may just want to make sure that you are still getting the best deal and if there is a cheaper alternative out there then it just makes sense to move to the new lender, I mean why would you decide to pay more per month?

Product Transfers

A Product Transfer is different from a remortgage as you aren’t moving mortgage lender, you are just changing your mortgage product with your existing mortgage provider. The most common reason for this is because you are coming to the end of your current mortgage deal and you wish to take out a new product which is likely going to be cheaper than the lenders Standard Variable Rate (SVR) 

If you aren’t borrowing any more money or making any changes to your mortgage then there isn’t normally an assessment by the mortgage lender like there is with a new mortgage application which could make things slightly easier if it’s the right deal for you

Remortgaging vs Product Transfer

When you do get towards the end of your current mortgage deal you may want to begin looking at your options again.

As part of our process we look at the mortgage market to determine what the best deals are available with other mortgage lenders but we also look at the deals that are on offer for existing customers from your current mortgage lender.

Comparing the two we then discuss with you which is the best way forward. If moving to a new mortgage lender makes the most financial sense due to the monthly cost saving then we can help with that but vice versa if your current lender is offering a better deal or it’s a deal that whilst it’s more expensive then the cheapest available option from another lender, it doesn’t make sense to go through the stress of a remortgage to save £5 a month then we are completely honest with you and can still assist with your product transfer.

Can I Take Money Out of My Property When Remortgaging?

If you have sufficient equity in your property then it is possible to take some money out of your property depending on what the purposes of the money are for.

Whilst the equity in the property is technically yours it is a requirement for the mortgage lender to know what you intend to use the funds for as there are some things that lenders won’t be okay with you doing with the funds such as repaying Gambling Debts.

What Things Can I Take Money Out For?

Common acceptable reasons for taking funds out of your property could include;

Completing Home Improvements

 

Consolidating Other Debts (Please Think Carefully Before Securing Previously Unsecured Debts Onto Your Property)

 

Releasing Money for a Deposit For Another Property Such as a Buy to Let

 

There are numerous other options which could be considered acceptable to mortgage lenders so please speak to one of our advisers about your personal situation to get the expert advice you need.

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