Remortgages
Your mortgage is a long-term financial commitment, and your circumstances may change significantly during the time you own your home.
When your current mortgage deal approaches its end, it can be an important time to review your position and understand what options may be available.
When Your Current Deal Ends
Many homeowners have an initial mortgage product period, such as a fixed-rate period. When that period ends, your mortgage may move onto the lender's follow-on rate, which could be its Standard Variable Rate (SVR).
Depending on the rate that applies at the time, your monthly mortgage payment could change. Reviewing your mortgage before your current deal ends can give you time to consider your options.
Why Consider Remortgaging?
Depending on your circumstances and the lender's criteria, you may be able to raise additional funds through your mortgage for improvements to your home.
Additional borrowing increases the amount secured against your property. It is therefore important to consider both the monthly payment and the overall cost of borrowing.
Your existing lender may offer you a new mortgage product without requiring you to move to another lender. This is generally known as a product transfer or product switch.
Alternatively, a remortgage may involve moving your mortgage to a different lender.
The most appropriate option depends on your circumstances, the products available and the overall costs and benefits involved.
The Remortgage Process
We establish your current balance, interest rate, product end date and any applicable charges.
We consider your circumstances, property value, income and financial commitments.
We consider the mortgage options available based on your circumstances.
Once you have decided to proceed, the relevant mortgage application is submitted.
The lender assesses your application and, where approved, issues a mortgage offer.
The new mortgage completes and the existing mortgage is repaid in accordance with the new arrangement.
If your current mortgage deal is approaching its end, or your circumstances have changed, a conversation can help you understand what options may be available.
Mortgage products, interest rates, fees and lending criteria can change and are subject to lender assessment.
Additional borrowing increases the amount secured against your property and should be considered carefully.
Your home may be repossessed if you do not keep up repayments on your mortgage.
