Here's how you can remortgage to get a better deal:
A dedicated and experienced mortgage broker, like the ones we have here at View Finance, has the skills, knowledge and expertise needed to find you the best possible mortgage deal on the market when remortgaging. We have exclusive access to a wide range of mortgage products that aren’t available to the public, making us a great choice when it comes to remortgaging for the best deal.
In addition, we can provide you with expert advice and guidance, giving you some valuable insight into the mortgage lender and the deal you ultimately commit to. From start to finish, we will offer you our unwavering support throughout the remortgaging process.
Alternatively, you can manage the remortgage yourself, but this can be time-consuming and complicated for those who aren’t experienced in the art of remortgaging. Instead of taking on the responsibility of remortgaging yourself, along with other everyday errands to keep track of, let the specialists take remortgaging off your plate.
Here’s some further advice about remortgaging for a better deal:
Check your current mortgage
Find out when your deal ends, your outstanding balance, the interest rate and whether you’ll have to pay an early repayment charge if you leave before the deal expires.
Check how much your property is worth
Your property’s value compared with your remaining mortgage determines your loan-to-value (LTV). A lower LTV can sometimes give you access to more competitive mortgage products.
Compare mortgage deals
Look at the interest rate, what the monthly repayments would be, the mortgage term, arrangement fees, valuation fees and any other associated costs. A deal with a lower interest rate isn’t always the cheapest option once all of the fees have been added - a mortgage broker can get you the best deal with exclusive access to mortgage products on the market.
Consider staying with your current lender
You don’t always need to move lenders to get a good mortgage deal. If your existing lender offers a new deal, it’s referred to as a product transfer, so compare that against mortgage deals elsewhere before committing.
Check whether remortgaging will save you money
Calculate the cost of your existing mortgage against the new mortgage, including early repayment charges and arrangement fees. This will help you to determine whether switching is worthwhile.
Consider your mortgage term
Extending the term will reduce your monthly repayments, but you could pay more interest over the life of the mortgage. Conversely, shortening the term could increase your monthly repayments, but the interest you pay may decrease. The balance is difficult to get, which is why a mortgage broker is often used to arrange a remortgage.
Apply for the new mortgage
The new lender will assess your circumstances, including expenditure, income, credit history and affordability. They can also arrange a valuation if they see fit.
Complete the remortgage
Once a remortgage has been approved, the new mortgage is used to repay your existing mortgage, and you’ll then make the repayments to your new lender, if applicable.
