Nearly one third of all UK home loans are remortgages. We can help you remortgage your existing home with the possibility of making huge savings depending on your current rate and circumstances. For example, if you've been on a variable rate for some time you could find a better deal with much lower payments. Read on for six reasons why it could be a good time for you to remortgage, we’ll be delighted to discuss options with you.
6 Reasons to Remortgage
Your current deal is about to come to an end
Once your current deal ends, your mortgage lender will automatically put you on their standard variable rate (SVR), this will often be a much higher rate than your old one. Once you are a customer of The Mortgage Brain, we will automatically contact you three months before your existing deal ends. We will then source you an excellent range of deals, helping you make an informed choice and possibly save money.
You want a better rate
Just because you are tied into a deal, it doesn't mean you can't get a new better one. Often a deal will have an early repayment charge, however, you might find that changing to a better rate outweighs the repayment charge in the long run. Our advisers will review your circumstances and advise if it is worth remortgaging to a new lender or staying with your current one.
If you thinking of making some home improvements, perhaps updating your heating system or want to replace your windows, then remortgaging or taking out a further advance with your current lender could be a good way to achieve this. We have access to many lenders and can help you find the best deal to cover the cost of improving your home.
Release equity to purchase another property
If you want to purchase a second home, holiday let or a buy-to-let property and you have enough equity in your current property then remortgaging is a great way to raise the deposit. Our advisers will be pleased to discuss your current situation and advise if you eligible to raise the required deposit.
Consolidate existing debts
In some circumstances you may find that remortgaging may be a cheaper way to consolidate some existing debts to make a more affordable monthly payment. By discussing your exact circumstances with one of our experienced advisers, they will be able to see if remortgaging will be an option for you.
Your home value has increased
If the value of your property has increased, you may find your loan to value is now lower, giving you access to much better rates. Please contact our advisers to discuss which rates are now available to you.