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Remortgaging can be a great way to save money. Derngate Wealth Management can help find the best rates for you based on your personal requirement, financial circumstances and preferences. It might be that you want lower monthly payments, a shorter term or the flexibility to overpay some months.
There are various reasons that people remortgage. It could be to save money, for example you could find that your introductory discounted interest rate has ended and you are now paying too much for your mortgage, or you may need to remortgage in order to consolidate debts and reduce your outgoings. You might need to release capital for home improvements or because you are dividing up marital assets, or you could be coming out of your fixed rate deal and worried that the variable rate is too expensive.
When you remortgage your home it means that you are switching to another mortgage deal and usually this means changing the lender, but you’ll need to carefully choose your next deal to make sure you avoid any fees and extra costs.
At Derngate Wealth Management our mortgage brokers in Northampton can help you to determine if remortgaging will help you to save money, release capital or reduce your outgoings, and compare all of the deals available to find the right one for you.
What you need to know about remortgaging
Even though you could potentially get a new discounted rate or a lower APR with another lender it is worth remembering the following:
- Your new lender could apply valuation charges or solicitor fees, even though you have already paid these to your previous mortgage lender.
- Your repayment period could be longer or shorter, resulting in a different final repayment date.
- You may have a redemption penalty if you move your mortgage before your current deal ends.
We will take into account all fees and charges, as well as the term of the mortgage to make sure you are moving onto a better deal with no hidden costs. We have a close relationship with the lenders, and can help you secure the right mortgage product to suit you and your circumstances.
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The first step in remortgaging is to find out how much you currently own on your current mortgage. Your lender will provide you with a statement year which will outline how much you have paid and what is still outstanding. From here, you’ll need to check if your property has risen or falling in value since you last took out your mortgage, this’ll be an important factor when lenders decide how much they’re comfortable lending you.
After you’ve found out what you owe, you’ll need to consider the reasons why your remortgaging. This is so that you can ensure you’re switching over to a deal that’s most suitable for you - after all, it’s a big commitment to make.
This is when you can hand over all of the details to your remortgaging broker, where they will be able to find you the right mortgage deal and sort out the all required paperwork and applications.
At Derngate Wealth Management, we can obtain an ‘agreement in principal' on your behalf allowing us to source the lenders that most appropriate suit your circumstances.If your existing lender has offered you another deal we can check that this is the most suitable option for you.
Talk to our team of experienced mortgage advisors in Northampton today, and be safe in the knowledge that we are working for you, not the lender. From Buy to Let mortgages to remortgaging, we'll give you straight-forward, honest advice.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.
Quick Remortgaging Enquiry
Remortgaging to a new lender can take up to 2-3 months, although if you decide to stay with your current provider, it can take up to 1 month. Typically we advise looking into remortgaging around 3 months before your current deal expires so you have enough time to find the best option.
Without understanding your current circumstances and requirements, we’re unable to say whether you should remortgage. Book a free initial consultation with our remortgaging brokers Northampton and we can advise you from there.
Sometimes there are costs associated with remortgaging, although it depends on your current situation. Some possible costs include early repayment charges, exit fews, new mortgage fees with your new lender, costs for valuations and a mortgage advisor. We’d recommend booking a free initial consultation with our team and we can advise you on these further. Although you might have some upfront fees, we can help you work out the long-term savings and benefits available that might outweigh any initial costs.