If you’ve got a mortgage, it’s probably your biggest financial commitment. In fact, it’s probably the biggest one you’ll ever have, so it makes sense to check you’re getting the best deal you can.
There are many reasons why you might want to think about re-mortgaging, including:
- Your current deal is coming to an end.
- You want to see if you can get a better rate.
- The value of your property’s increased.
- Your current lender won’t let you make overpayments.
- You want to borrow more for home improvements or similar.
- You want to change the type of mortgage you’ve got
(i.e. interest-only to repayment).
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Things to consider
You’ll have to complete an affordability assessment for a re-mortgage. If you’ve had a mortgage since before 2014, you won’t have had to do this before. Any mortgage lender now has to prove your income by law - will your financial circumstances stop you getting a better deal?
You might need to budget for legal charges and valuation fees again, as well as early repayment charges – if they’re too steep, they could outweigh the savings you’ll make.
Your home may be repossessed if you don’t keep up with repayments on your mortgage.
The easiest way to talk to us about re-mortgaging is by using the pop-up form on the right-hand side of this page. We’re happy to talk by phone or email too - give us a call on 01244 470 107 or send a message to: firstname.lastname@example.org
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