Remortgaging involves obtaining a new mortgage deal on your home from a different lender. To be eligible for remortgaging, you must already have an existing mortgage.

Typically, remortgaging occurs at the end of your current mortgage deal. However, there are situations where you may choose to remortgage sooner.

There are many reasons why you might choose to remortage, including:

• Your current deal is about to end: Your lender may switch you to the Standard Variable Rate (SVR), which can be more expensive.
• Lower monthly payments: Some mortgage deals offer lower monthly repayments, allowing you to pay less.
• Increased house value: If your house has increased in value since you purchased it, you may be eligible for a better deal.

However, before deciding to remortgage, make sure to review the terms of your current deal. Keep in mind that remortgaging before the end of your existing deal may result in an early repayment charge.

Remortgaging your home usually takes 4 to 8 weeks from the time of application. The exact duration will vary depending on your specific circumstances and remortgage requirements.

To expedite the process, it is important to provide clear, accurate, and relevant documents when requested, such as proof of earnings.

There may be costs associated with transferring your mortgage to a new lender, so it is important to determine if it is financially beneficial. To help you assess this, you can calculate your new mortgage repayments and compare them to the potential benefits of remortgaging.

These costs can include:

• Booking or completion fees charged by the new lender
• Conveyancing costs
• Property valuation costs
• Early repayment charges (ERC) or exit fees charged by your current lender

Why Best 4U?

As an independent mortgage broker, we are only interested in getting the best deal for our clients! We work with a wide range of lenders and can view the whole of market, with your goals and dreams in mind we can help you to get the deal that is Best 4U!