There are many reasons as to why homeowners choose to remortgage their home. Whether you are looking to secure a better deal or release some equity from your property, our mortgage advisors will check what options are available to you.
When your fixed term ends and you don't look into your remortgage options , your lender will put you on it's variable rate (SVR) of interest. It's likely to be higher than your old interest rate. Remortgaging, generally speaking, can be a great way for homeowners to potentially save some money.
If you would like to learn more, please feel free to read our article why "Should I Remortgage?"
Ideally, you want to be looking to remortgage around 3 to 6 months before your current mortgage is due to end. This will give enough time to research and get the new mortgage set up and ready to begin just as your last deal ends.
Yes, you can remortgage to release equity in your home and then use the generated lump sum to pay off any unsecured debt. If you do not have much equity within your home, you could still remortgage and look for a better rate so that you can save money each month to put towards paying off your debt.
Always speak to a mortgage advisor before securing debts against your home as you are likely to end up paying back more interest in the long run, although your initial monthly payments can often be much lower.
Usually, you will have to wait at least 6 months after you buy a property before you can remortgage if you bought it for cash.
Most homeowners remortgage several times in their lifetime and there is no restriction on the number of times you can do this. However, if you are looking to remortgage whilst you are still tied into a deal with your current lender then you would have to factor in paying an early repayment charge for settling early.