A remortgage is where you take out another mortgage on your existing property once your current deal has come to an end. Most homeowners keep on top of this and remortgage once their fixed term is over to make sure that they are on the best rate that they can be.
There could also be an opportunity to raise capital at the same time when remortgaging. Usually, this could be for means such as funding home improvements or consolidating debts.
If you are a buy to let landlord, you could remortgage a buy to let property to raise capital and use the money to fund repairs and improvements in the property. As a mortgage broker in Southampton, it’s common for us to see landlords wanting to use this equity for a deposit on another property.
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You can often start your remortgage process up to 6 months before your existing deal is due to end.
If you are within 6 months of your fixed term mortgage ending, it is advised that you get in touch for mortgage advice in Southampton. This will allow plenty of time for your remortgage advisor to process your application and begin searching for deals.
Starting your process early also makes you avoid falling onto your lender’s standard variable rate of interest (SVR). This rate is likely higher than your current rate and could make your monthly repayments increase. This is why we always advise to keep on top of your mortgage and finances.
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There are many benefits to remortgaging. And, there are also many different remortgage options available. Some examples include remortgaging to consolidate debt, fund home improvements, release equity or to simply try and find a better rate.
Despite all of these options, the most popular option is to remortgage to try and find a better interest rate.
Ideally, you should be thinking about your remortgage 6 months prior to your fixed term coming to an end. Sometimes, we have applicants that leave this until 3 months remaining, however, this can make the process seem a little rushed.
Once you get in touch with our team, a mortgage advisor in Southampton will talk you through the rest of the process and how long it should take.
Yes through remortgaging to release equity in your home, you may be able to use the funds to pay off unsecured debt.
If you do not have enough equity in your home to cover the debt, you may still be able to remortgage to find a better rate. This could allow you to save on your monthly repayments, hence allowing some extra money to pay off these debts.
We would also recommend speaking with an expert before actioning your remortgage to consolidate debts. A remortgage advisor in Southampton will be able to explain the process to you and see whether it is the right thing for you to do or not.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Yes, you are able to remortgage buy to let properties. If your buy to let fixed term mortgage is coming to an end, you will need to remortgage to avoid the lender’s standard variable rate of interest.
To find out more about how our team can help, head to our buy to let remortgage page.
Most homeowners will remortgage a few times in their life, however, there is generally no limit to how many times a person can remortgage.
In some cases, you can remortgage before your fixed term ends, however, you may be faced with an early repayment charge (ERC).
As your mortgage broker in Southampton, we will search through 1000s of remortgage deals in order to try and find you the right one. We will only compare deals that will benefit you and your personal and financial situation.
We have been helping homeowners remortgage for over 20 years now, we know what we are doing when it comes to remortgaging. Our remortgage advisors in Southampton would love to help you next.!
We work to fit your schedule. Book your remortgage appointment at a date and time that best suits your personal and working life.
No upfront fees, no-nonsense; give our team in Southampton a call today.
From start to finish, your case manager and mortgage advisor will be on hand to answer questions that you have along the way.
We love the fact that we are able to help so many applicants achieve their remortgage aspirations. Take a look at our reviews to find out how others have valued their experience with us.
So that you and your family are covered, your mortgage advisor in Southampton will make sure that you have the correct insurance and protection in place.
As your remortgage broker in Southampton, we will try and find you the perfect product that matches your personal and financial situation.
It's rare to find a situation that we haven't come across. Don't hesitate to get in touch, our mortgage team in Southampton are here to help!
We may encounter some hurdles along the way, but we love a good challenge! We will try our best to get you through the remortgage process, no matter what situation you are in.
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The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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