Attempting to remortgage your property can be overwhelming and seem very intimidating. There is a lot to think about, and it can be difficult to know which way to turn.
Below, you can find our top five tips for remortgaging your home. But for more detailed and personal advice, please do contact our team of B Mortgage’s qualified and experienced advisers. With their help, you can be confident of finding the most suitable mortgage for your circumstances.
Tip 1: Don’t just remortgage with your existing lender
It may seem the simplest, hassle-free option, but it won’t necessarily secure you the best deal. We can help by researching the market for you. We will search a wide range of lenders to give you the broadest selection of products and the best deals to choose from.
Tip 2: Don’t Forget the Fees Involved
Make sure you’re aware of the fees you may incur when remortgaging your property. These could include Lender Legal Fees, Valuation Fees, Early Repayment Charges and Exit Fees.
If you choose to remortgage through B Mortgages you won’t get any nasty surprises. We will explain all of the above fees, whether they are applicable to you and what that means to the cost of your mortgage. When we carry out the research for you, we will look at the overall cost of the mortgage which includes any additional fees, not just the product interest rate, so you don’t get caught out.
Tip 3: The Best Option for YOU
Of course, you can choose to undertake research of the mortgage market yourself. However, if you decide to take advice from a Mortgage Broker, such as B Mortgages, this could help to save you both time and money.
At B Mortgages, we can see products from the whole of the market and this means that we can find the most suitable deal for you. This will save you lots of time and prevent you from falling into the trap of taking the easier option – staying with your current lender.
Tip 4: Has your situation changed?
When remortgaging your home, you should consider whether your finances or lifestyle have changed since you last took out your mortgage. For example, you could have had a pay rise (or reduction) at work, changed jobs, started a family or taken out a loan/finished paying off that loan.
A new lender will carry out suitability checks and this will take into account your income and outgoings. This is to make sure you can afford to keep up to date with your future monthly mortgage payments.
Tip 5: Allow plenty of time
Please don’t put off investigating the remortgaging of your home. Ideally, you should be starting the process six months before your current deal comes to an end. At the very least, you should leave no less than three months from the expiry date of your product.
This should give you enough time to research the market properly and to complete the new application process, if required. If you don’t allow yourself enough time, this may result in you being transferred into your current lender’s standard variable rate. This could cost you a considerable amount in money and increase your monthly costs.
We hope you find these tips useful. For further help and advice on any aspect of remortgaging your home, please do get in touch.