By Sam Fox – Warrington Mortgage Centre
VIDEO: Remortgages come around faster than Birthdays – or so it seems! The Remortgage process can be a daunting one.
Imagine this, you’ve bought your home, redecorated, you may have had a couple of kids, and you’re settled… then BAM, a letter drops through the post from your lender saying changes are being made to your current deal. Unfortunately, this usually means your interest rates might creep up!
So, where do we go from here?
Luckily for you, we cover all things Remortgages in our most recent Mortgage Heroes Podcast episode with Lee Carthew. Lee brings us up to speed with the entire Remortgage process, options to consider and shares best practices to make it a straightforward process. Keep reading for just few of the questions that are covered in the podcast!
What is a Remortgage?
A remortgage is where your current mortgage deal or product comes to an end, and change is about to happen – usually, the interest you pay changes, in most cases, to a higher rate!
What can I do during the Remortgage process?
It’s common practice to try and save on the interest you pay, but people also look to use this event to make changes such as:
o Home Improvements
o Debt Consolidation
o Changing the mortgage term
o Providing a Gift
o Buying an additional property
This might mean moving to a new lender that will accommodate what it is you’re looking to achieve or sticking with the current lender and restructuring with them – either way, this is the chance to get the best deal possible.
When do you need to start thinking about your Remortgage?
Realistically you should start about 6 months before it’s due. This is to make sure you’re in a good place so that you don’t just drift onto the lender’s standard variable rate, and that’s the thing that will cost you more money.
If you’re at that stage now where it might be your first time to Remortgage a property, then listen in because our latest podcast episode is packed with useful hints and tips from industry experts:
https://www.youtube.com/watch?v=ggDY4y0SEvo
Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
