Deciding to remortgage
You could be really short on time at the moment, or perhaps you’re apprehensive because you feel as though the remortgage process will be stressful. Whatever the reason, you may have been tempted a few times now to delay your remortgage application and put it off until the very last minute. It can also be tricky to determine exactly when the best time is to make the move and begin a remortgage. If your mortgage deal is nearing its end, or you’re currently on an uncompetitive standard variable rate (SVR), then this could be the ideal time to review your situation as there are some very competitive products on the market, with potential savings to be had.What is remortgaging?
A remortgage is where you can switch to a different mortgage provider or product, but on a property you already own. Borrowers would usually do this to either replace an existing mortgage, or to borrow more money against their property. Remortgaging can be an effective way for you to save money and often free up cash to be spent on large purchases. It’s worth keeping in mind that if you’ve been with the same mortgage lender for some time, there’s a chance that you may be paying more than you need to. You should consider opting for a remortgage if:- Your current mortgage deal is coming to an end.
- You’re looking for a better rate.
- You want to overpay, but your current deal won’t allow you to.
- You want to borrow more.
- Your home has increased in value and your loan-to-value ratio means you can get a better deal.
