This is typically done to save money with a lower interest rate, or to raise money by borrowing against equity. There are many good reasons to look into remortgaging. The two most popular reasons why people choose to remortgage are:. Many people who already have a mortgage tend to look at remortgage deals and monitor the remortgage market to see if they can get a better deal than they currently have. After the initial fixed rate, your mortgage may revert to a higher rate of interest, meaning you will have to pay more each month. By remortgaging, homeowners may be able to switch to a better deal with a different mortgage provider.
Anyone who has an existing mortgage can look into remortgaging - provided that they meet the criteria set by their potential new mortgage lender. While you can stay with your existing mortgage provider, you will probably be put on their standard variable rate SVR which may not be the best deal around. You may need to watch out for a mortgage exit fee, which is a penalty for leaving your current mortgage deal early.
Remortgaging usually takes about a month, as you complete all the paperwork and have a valuation of your home conducted. This is important to check, as it could negate any savings you make by switching to a cheaper mortgage.
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Many mortgage companies also charge a standard fee for closing down a mortgage. The good news is that many mortgage lenders have now reduced the amounts they charge.
You might also have to pay for legal fees and a valuation. Some companies, as an added incentive, will refund this money or offer the service for free if you switch your mortgage to them. Advisers and mortgage brokers may also add a fee for their services in helping you secure a remortgage deal. These factors are important to figure out what you need to remortgage for: saving money or releasing equity.
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Also, you can compare the mortgage market better by assessing the costs you can afford and thus get an idea of which deal will help you achieve your personal finance goals. Using a mortgage calculator can make it easy to compare deals, as they can give you how much your current rate will cost you, and how much you stand to save. There are many mortgage calculators available online, giving a wide range of information, our one above works out your LTV and compares available deals giving you available rates and monthly repayments on the market.
Remortgaging Compare mortgages Why are you looking for a mortgage? Please select Remortgaging Buy to let First time buyer Moving home. How much is your home worth? Get a free valuation with expert agents Get valuation. Repayment period years. Rate type Any Fixed Discounted Tracker. Payment type Repayment Interest only.
How would you like to repay? Repayment Interest only. The very best mortgage rates are reserved for borrowers with large deposits. Opting for a shorter deal can also help you to get a better rate. Most lenders offer cheaper rates on two or three year deals than they do on five or ten years. The main fees associated with getting a mortgage are booking fees, arrangement fees, valuation fees and legal fees but not all fees will apply to every deal.
If you have a small deposit you may also have to pay a higher lending charge HLC which can be up to 1. Finally, you?
Some mortgages include extra features which you may find useful. If you would like to be able to pay down your mortgage balance faster, for example, you should look for a mortgage which allows overpayments. Alternatively, you may benefit from a payment holiday facility. Some mortgage lenders will allow you to take a break from your mortgage repayments for an agreed number of months.
There are a huge number of mortgage products on the market and finding the right one for you depends very much on what you? Know Your Money? We have placed cookies on your device to enable this comparison service to operate and help us enhance the user experience.
More info Click here to understand more about how we use your cookies and how to change your settings. Otherwise, we'll assume you're OK to continue. Compare Mortgages Select an option below to compare rates, fees and features for over 4, mortgages. What are you looking to do? Property Value:. Mortgage Amount:. Repayment Type: Repayment Interest Only.
Clear All Select All. Term Length: Years. Only show me featured lenders. Please wait - searching the UK mortgage market. Your home may be repossessed if you do not keep up repayments on your mortgage. The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search.
The figures and data provided in our tables are for illustration purposes only. We do not give any financial advice. Featured lenders are firms with whom we have a direct commercial relationship.
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