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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.
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6 Reasons to Remortgage
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. As a Customer of The Mortgage Brain, we will automatically contact you five months before your existing mortgage deal ends. We will then source you an excellent range of mortgage options, helping you make an informed choice and possibly save you money.
Just because you are tied into a fixed mortgage deal, doesn’t mean you can’t get a better one. Often a mortgage deal will have an early repayment charge, however, you may find that changing to a better interest rate outweighs the repayment charge in the long run. Our advisers can review your circumstances and advise if it is worth remortgaging to a new lender or staying with your current one.
If you are thinking of making home improvements, such as updating your heating system, replacing your windows or getting an extension, then remortgaging or taking out a further advance with your current lender could be a good way to achieve this. At The Mortgage Brain, we have access to many lenders and can help you find the best deal to cover the cost of improving your home.
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 an ideal way to raise the deposit. Our advisers will be pleased to discuss your current situation and review if you are eligible to raise the required deposit.
In certain circumstances, you may find that remortgaging is a cheaper way to consolidate some of your existing debts with the aim of making monthly payments more affordable. By discussing your exact circumstances with one of our experienced advisers, they will be able to see if remortgaging for this purpose is a suitable option for you.
If the value of your property has increased, you may find your loan to value (LTV) is now lower, giving you access to much better interest rates. Contact our advisers at The Mortgage Brain for a personalised discussion of the available rates and options most suited to you and your circumstances.