Remortgage
Unlock Potential Savings and Flexibility in Your Homeownership Journey
Remortgaging your property, the process of switching your existing mortgage to a new deal, either with your current lender or a different one, doesn't need to be a daunting or complicated experience. In fact, it can be a financially savvy move that could lead to significant savings on your monthly payments and offer greater flexibility to suit your evolving life circumstances. Whether your primary goal is to secure a more advantageous interest rate, release capital tied up in your home, adjust the terms of your loan, navigate a change in personal circumstances such as buying out an ex-partner, or streamline your finances by consolidating existing debts, our team of dedicated mortgage experts is committed to providing comprehensive support and guidance throughout every step of the entire remortgaging journey.
What are the Tangible Benefits of Remortgaging?
Exploring a remortgage can unlock a variety of advantages:
Significant Cost Savings:
One of the most compelling reasons to remortgage is the potential for substantial cost savings. If your current mortgage deal has come to the end of its initial fixed or tracker period, you'll likely be moved onto your lender's Standard Variable Rate (SVR), which is often considerably higher than new deals available on the market. By remortgaging, you could secure a lower interest rate, leading to a noticeable reduction in your monthly mortgage payments and potentially saving you thousands of pounds over the term of the new deal. You don’t need to resign yourself to paying more on your mortgage than necessary when more cost-effective and competitive options are readily available.
Adapt and Change the Terms of Your Mortgage:
Life is dynamic, and your mortgage should be able to adapt to your changing needs. Remortgaging offers the flexibility to alter key aspects of your loan. This could involve changing the overall length of your mortgage term – perhaps shortening it to become mortgage-free sooner (though this would likely increase monthly payments) or extending it to reduce your current monthly outgoings. You might also want to switch the type of mortgage you have, for instance, moving from a variable rate to a fixed rate for greater payment certainty, or vice versa. Furthermore, remortgaging is a common route to add a new partner to the mortgage or remove an ex-partner following a separation.
Release Valuable Equity:
Your home is a significant asset, and over time, you may have built up considerable equity – the difference between your property's current market value and the outstanding mortgage balance. Remortgaging can allow you to release a portion of this equity as a tax-free lump sum. Homeowners often use these released funds for a variety of purposes, such as financing home improvements (a new kitchen, an extension, or energy-efficient upgrades), consolidating higher-interest debts like credit cards or personal loans into a single, more manageable monthly payment, funding significant life events like a wedding or university fees, or even helping a family member onto the property ladder.
Our Commitment: Finding the Right Deal for Your Current Circumstances
At Mortgage Winners, we take immense pride in our meticulous approach to securing the most suitable and beneficial remortgage deal specifically for you. We understand that the mortgage product that was the perfect fit when you initially took out your loan, or last remortgaged, might not be the optimal choice for your financial situation and aspirations today. Your income may have changed, your family circumstances could be different, or your attitude to risk and future plans may have evolved. Therefore, we don't simply look at your past arrangements; we start afresh, conducting a thorough assessment of your current needs, financial standing, and future goals to ensure your new mortgage aligns with where you are in life right now.
Think of it this way: just as you diligently shop around for more competitive rates for your energy provider or seek better value car insurance policies each year, the same proactive approach should apply to your largest financial commitment – your mortgage. With access to over 90 lenders and of thousands of mortgage deals, we can meticulously search the market to identify the one for your unique circumstances, potentially uncovering exclusive deals you might not find on your own.
Essential Considerations Before Embarking on Your Remortgage Journey
Before you decide to proceed with a remortgage, it’s crucial to carefully consider a few key factors to ensure it's the right move for you. A critical first step is to investigate any costs associated with leaving your current mortgage. These might include an Early Repayment Charge (ERC) if you're still within a fixed or discounted period. Understanding these potential upfront costs is vital.
Equally important is to clearly define what you want to achieve from a new mortgage. Are you primarily seeking a lower interest rate? Do you need to borrow more? Are you looking for more flexible features, such as the ability to make overpayments without penalty? Answering these crucial questions will help shape your remortgage goals.
Furthermore, determining how much you can realistically borrow based on current lending criteria, your income, and your outgoings is a vital calculation. Understanding the implications of any new mortgage on your monthly payments – whether they will increase or decrease – and how this fits within your overall budget is also paramount. A thorough assessment of these elements will help determine whether remortgaging is truly beneficial for your specific situation.
Exploring Your Options: Beyond Your Current Lender
If you're contemplating a remortgage, it might feel like the easiest option to simply remain with your existing lender, particularly if you've generally been satisfied with their service and your current arrangements. This is often referred to as a ‘product transfer’. While this can sometimes be a straightforward route, using this pivotal moment to explore the wider market and investigate options from different lenders can often unearth more competitive deals. These alternative deals may lead to substantial savings on interest payments and overall costs throughout the lifetime of the new mortgage, potentially amounting to a significant financial advantage.
Download Our Guide!
Reviewing your current mortgage is a smart move to ensure it still aligns with your financial goals. To help you navigate the remortgaging process with confidence and explore opportunities to potentially save money or access better terms, we've developed a comprehensive Remortgage Guide. We encourage you to explore the guide – it's designed to empower you with the knowledge you need to make informed decisions and secure the most suitable mortgage for your current circumstances.
Achieve Your Homeownership Goals with Mortgage Winners as Your Champion
At Mortgage Winners, our singular focus is on diligently finding the most suitable and advantageous remortgage options for homeowners right across the UK. We are committed to making the process as smooth and stress-free as possible. Take the next step in optimising your homeownership journey and schedule a no-obligation conversation with one of our experienced mortgage specialists today!
We believe in being transparent, so we want to tell you that…
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £195.