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Is Your Mortgage Deal About to End? Should You Remortgage?

MORTGAGES | 22.12.2020

If you decide to switch lenders for a remortgage, then a new mortgage valuation will be carried out, which could change the LTV (loan-to-value) of your loan. It can be hugely beneficial to speak to a mortgage broker, who will be able to tell you if you can possibly save by switching lenders. They can also let you know if you’d be better off sticking with your current lender, and simply moving to a new deal with them.

Will my mortgage term change?

When getting a remortgage, you’ll be given the option to choose what you want your new term to be. You can choose to shorten your mortgage term, carry on with your current term or you could opt to extend it if your current lender allows this.  Keep in mind, whatever you choose to do will depend on your own preferences and what you can afford, so make your choice wisely. Look at your income and outgoings and really consider your options before making a decision. If you can shorten the length of your mortgage term then this will of course mean you can clear the loan quicker. And generally speaking, the shorter your term will mean you’ll end up paying less in interest. Seek out the services of an experienced mortgage advisor, as they will help you work out what’s affordable for you. They can assess things for you, to ensure it doesn't impact on your current lifestyle.

When should I get my house valued? 

It’s a good idea to get your property valued as soon as you can, before starting the remortgaging process. If you’re looking to remortgage in the new year, then book estate agents to view your property in January if you can. They will be able to talk to you and advise you about the property valuation but also market trends and expectations for the new year as well. If your property requires any structural work, then it’s a good idea to check all planning permissions are in place etc. Generally speaking, improvements such as an extension to the property will have a greater impact on the price of a property than just general decorating.  

How many valuations should I get?

You will be entitled to request multiple valuations from various estate agents. Doing so will not have any effect on your property's final valuation made by the lender's surveyor. This is because the valuation given by the surveyor, and the 'asking price' from the estate agent can actually be different. It’s worth noting that surveyors will be able to compare and contrast with other properties in your local area, even if they aren’t currently on the market. Also, having your property valued upwards isn’t necessarily the most beneficial thing for you to do.  When you increase the overall property value, this can result in the size of the mortgage relative to the property's value being reduced. This could mean that you’ll be able to move to a new deal with a lower interest rate, but remember that different lenders will have varying price points.

If you’re considering a remortgage, don’t delay

Remortgaging can potentially save you thousands of pounds, and since the market is constantly changing these days, it’s best to make a decision sooner rather than later.  Ensure you thoroughly assess the options available to you and seek out the right advice. An experienced mortgage broker will help save you time and money by comparing a number of deals on your behalf and highlighting the ones most suited to you. At Taylor Made, we have expertise to help you secure the best remortgage deal. Our experts take your financial circumstances into account and fully assess how likely it is that lenders will approve your application.  For more information on remortgage your home, please get in touch with our team today on 0345 305 2540, or at info@taylormade-finance.co.uk.
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