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Remortgages allow you to switch mortgage lenders to get a better rate and raise extra capital for home improvements or debt consolidation.

 

If you think that you're paying too much for your current mortgage, then you probably are and you're not alone. An estimated 80% of UK property owners are paying too much on their home loan. There are currently millions of borrowers paying their lender’s standard variable rate (SVR). No lenders SVR will be the best deal they can offer.

 

More and more UK homeowners are moving their mortgage to save money. If you have come to the end of your special fixed rate or discounted period and are looking to replace your existing mortgage for one with lower repayments, why not let us find the best remortgage deal for your needs. Remember there is no obligation and there are no broker fees to pay.

 

 

We make remortgaging as simple as possible

 

A remortgage is essentially no different to a normal mortgage, with one crucial difference - you are not buying a house. All you are essentially doing is taking out a new mortgage to replace the old one, while shifting your debt from one lender to another.

 

Remortgaging isn’t nearly as much hassle as most people think – particularly if you use of our online quote form. Then one of our dedicated mortgage advisors looks after your remortgage for you – making it all less effort than you first imagined!

 

 

Why switch your mortgage?

 

In today’s market, many borrowers choose to switch their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant margin in some cases.

In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may want to consider taking this step for a number of reasons, such as:

 

  • To save money - If you’re paying your lender’s Standard Variable Rate (SVR), it’s highly likely that we can find you better rates or greater flexibility on an other product. You may want to consider switching to another lender, even if doing so would trigger early repayment charges payable to your existing lender, as this could still mean a net saving to you.

 

  • To raise money - Higher income or a rise in your property’s value means you could increase your mortgage to help pay for major outgoings such as a wedding or your child’s university costs, rather than borrowing separately, and in some cases more expensively, for the outgoing itself.

 

  • To avoid moving home - It can be cheaper and more convenient to adapt or add an extension to your existing home, paid for by remortgaging, than to move home.

 

  • For debt consolidation - Remortgaging can allow you to release some of the equity you hold in your home and consolidate other debts, such as a car loan or credit cards, which can attract higher rates of interest than that of your mortgage.

 

 

What steps are involved with remortgaging?

 

Remortgaging is much simpler than buying a new home because the deeds of the property are already registered in your name. And by choosing to switch to a new lender, only a few steps are involved. If you choose to remortgage with us, even these few steps involve minimal hassle, since we help manage the process by liasing with lenders, valuers and solicitors on your behalf.

 

  • The lender will require a valuation to ensure the value of your property is sufficient for them to lend on. Property prices can fluctuate over a short space of time so that, even if you’re remortgaging a year after purchase, you could still see a change in your home’s value.

 

  • You’ll be required to make an application to the lender in the same way as when buying a property. The application has to be underwritten by the lender, who may require evidence that the loan to date has been maintained. They’ll then issue you with an offer.

 

  • Conveyancing work will need to be carried out, and many lenders will only instruct a firm of solicitors with two or more partners. During the conveyancing process, local searches will be conducted and a report and title will be sent to the new lender.

 

  • Finally, the solicitor will ensure your previous lender is repaid when the new lender releases the new mortgage funds. If you’re borrowing additional funds, the solicitor will release these to you on, or shortly after, completion.

 

 

How much can I save with a remortgage?

 

It must be remembered that there are costs attached to remortgaging, outlined in the next paragraph. However, purely in terms of ongoing monthly expenses, remortgaging has the potential to slash a lot of money from your outgoings.

 

Here are a couple of examples:

 

  • If you are paying a Standard Variable Rate of 7.75% on a 25 year repayment mortgage of £100,000, your monthly outgoings will be somewhere around the £755 mark, depending on the discounts that you initially enjoyed. 

    Switching to a new 2 year fixed rate mortgage that is currently charging 5.49%, your outgoings would immediately fall to around £613. This means you would be cutting your monthly expenditure by approximately £142, potentially cutting your outgoings by over £1,700 each year.

 

  • In a more extreme example, the borrower is currently paying 9.85% on a 25 year mortgage of £150,000. If for some reason this rate had been paid since the start of the mortgage, the current monthly outgoings would be just under £1,350.

    If the borrower were able to remortgage on to a heavily discounted product charging just 5.65% for the first 2 years, then the current level of repayments would fall to just over £934. Even if the mortgage then reverted to 7.49 percent, this would still offer potential savings of £415 a month or £9,980 over the two-year discounted rate period. If this money was invested elsewhere or used to reduce the mortgage debt, it could be worth considerably more to the individual.

 

You can use our calculators to work out what your monthly outgoings will be on any new mortgage.

 

 

What are the costs associated with a remortgage?

 

Remortgaging can involve less cost than those incurred when buying a property, since in most cases the following charges either won’t apply or will be lower than when you first purchased your mortgage, including:

 

  • Stamp duty - you won't be liable for this at all when remortgaging.

 

  • Legal fees - solicitor's costs could be lower than when purchasing the property, since the legal process is less complex for remortgaging than purchasing. We also have exclusive deals where your legal fees are paid.

 

  • Homebuyer’s report or survey – if you’ve undertaken a homebuyer’s report or full structural survey when purchasing the property, you’re unlikely to need to repeat this exercise when remortgaging.

 

Remember, when considering whether to switch deals you’ll need to bear in mind any early repayment charges that may apply on your existing deal, and the extent to which (if at all) these may reduce the potential savings to be gained by remortgaging.

 

 

Who should not remortgage?

 

Many borrowers stand a good chance of saving money through remortgaging. But there remain some cases where remortgaging is not a realistic option.

 

  • Where you have Early Redemption Penalties - If you have recently taken out a fixed-rate or discounted loan, you may find that early redemption penalties make it very expensive for you to take your loan elsewhere in its first few years. These penalties can stay in force long after the original fixed-rate or discount has run out. If you are tied into your current deal, why not consider a low cost secured loan?

 

  • If you have a very small loan - Many lenders accept remortgage business only if the loan required is above a minimum level of about £25,000. Fees may also be a problem with very small remortgage loans, as these may outweigh the small saving on offer. If you need to borrow a smaller amount, why not consider an unsecured loan.

 

 

Current or past mortgage arrears, CCJ's or defaults?

 

We understand that for no fault of their own some clients fall behind making their mortgage payments or may have CCJ's and defaults registered against them. Normally this is for reasons beyond their control. Maybe their overtime was cut at work. Or a customer paid them late.

We also know that if you have mortgage arrears, CCJ's or defaults most bank's computer systems will automatically reject your remortgage application because you do not fit their preset lending criteria.

Our advisors treat each client as an individual. We do not rely on inflexible computer systems to assess your application. We want to help you get back on the straight and narrow.

You will find that you will be able to clear any existing mortgage arrears, CCJ's or defaults direct from your new mortgage. You can then wipe the slate clean and use your new mortgage to start to rebuild your credit rating.

 

 

Do I have to pay you a broker’s fee?

 

No, you do not. People often think they have to pay a mortgage brokers fee for arranging their mortgage. This couldn’t be further from the truth. Be very wary of firms that claim to be able to get a mortgage in ‘problem cases’ by paying them fees of 1% or 2% of the amount you borrow. When arranging a mortgage for £150,000 this broker fee can cost you as much as £3,000! So be wary!

 

 

How can I get a free mortgage quote?

 

To get your free mortgage quotes, you just need to enter some basic information into our simple online quote form and your dedicated adviser will search the entire marketplace to find you the best mortgage deals available.

 

Or, if you prefer, you can call a fully trained adviser on 0800 169 4984. It will only take a few minutes of your time today but could save you thousands of pounds in interest payments, and will eliminate any worries you may have about getting the best deal possible.

 

 

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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.

The information, services and products on this web site are intended for use by residents of the United Kingdom only. First Choice Mortgage and Investment is authorised and regulated by the Financial Services Authority number 300151. Buy to let mortgages and secured loans are not currently regulated by the FSA. During busy periods and to ensure that your enquiry is dealt with as quickly as possible we may pass your enquiry to another FSA registered mortgage intermediary who will contact you directly and deal with your enquiry. For full details on any of the schemes shown in the mortgage rates comparison tables, please call one of our friendly advisors on 0800 169 4984. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
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