The mortgage market can be confusing, with so many products to choose from. Your adviser will take the confusion out of remortgaging and present impartial options, allowing you to easily make sense of what is available.
Remortgages in Bristol
The mortgage market can be confusing, with so many products to choose from.
Your adviser will take the confusion out of remortgages and present impartial options, allowing you to make sense of what is available easily.
Most fixed-rate mortgages last between two to five years before they become a standard variable rate mortgage. Based on your needs, you may want the ability to overpay so you can pay off your mortgage quicker.
We are in a strong housing market, so If your home's value has increased, we may be able to get a better deal because of a lower loan-to-value ratio too.
The remortgage could also be used to release some of your equity.
Remember, by increasing your mortgage, your monthly payments are likely to go up, but we can extend the term to balance this out depending on your age.
Obviously, having a fixed-term mortgage means you will have a "fixed" monthly repayment that most people find comforting every month.
In some cases, you might want a more flexible deal if you intend to move in less than two years or want to make a large overpayment, so we will make a recommendation only when we understand your priorities.
What is remortgaging a property?
Remortgaging is where you stay in the same property, and it replaces your existing mortgage with a new mortgage. Typically this is taken out when your fixed-rate offer has expired or if you need to raise equity. You can stay with your existing lender as well as move to a new lender.
Is remortgaging a good idea?
Can I remortgage if I own my house outright?
If you own your property that is mortgage free and you want to borrow against the equity in your property, then you would apply for a mortgage.
If you get a better interest rate, you can reduce your mortgage payments or shorten the mortgage term to pay off your mortgage debt earlier than planned.
Why now is the time to remortgage?
Interest rates are at a historic low. If you are worried about interest rates rising, you have the opportunity to fix the mortgage rate over several years. Some mortgages have early repayment charges, so it may not be the right time for you. In this case, seek advice from a mortgage expert.
Is a remortgage easier than a mortgage?
Remortgaging where you have a mortgage with your current lender is typically quicker and easier as your lender is aware of your payment history. Still, another lender may offer you a better mortgage deal, so it is wise to compare. If you do not have a mortgage, applying for a mortgage will start from scratch and typically takes longer to process. Whichever you choose, consider fees as well interest rates to get an overall picture.
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As you come to the end of your fixed term, you will want to start looking for the most suitable deals available now. This will also be an opportunity to investigate the possibility of releasing equity (for example, home improvements) to consolidate debts, pay down a lump sum of the loan, or review your mortgage term.
Remortgaging is switching your existing mortgage product to a new deal. If the savings are big enough, we can remortgage with the same lender or move the loan away to a different provider.
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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage.