Mortgage Service
Remortgage
What is remortgaging?
It’s worth knowing that a remortgage is when you get a new mortgage with a different lender, but you stay in your current home. It’s not the same as borrowing more money from your current lender which is know as getting a further advance, which if appropriate we can look to help obtain for our clients.
You can remortgage anytime, but there might be fees to pay to switch deals.
An alternative is looking at a product transfer, which means staying with your current provider and we move you to an alternative rate which is better than the lenders standard variable rate, however these are generally not always as favourable as remortgaging to a new lender.
Remortgaging costs to consider
To compare your current mortgage deal with a new one you need to factor in certain costs, as sometimes these can add up and make remortgaging more expensive than staying on your current deal.
Check for fees on new deals
A new deal can save you money and it could be tempting to jump in, but first you need to allow us to check if there are any fees on the new mortgage deals, you’re looking at.
Look out for charges on your existing deal
If you’re ending your mortgage deal early, check any early repayment charges from your existing lender.
Check any extra administration costs
Before you consider switching rates or schemes, be sure to check for any administration or other costs. Some lenders might offer to pay some or all your fees for moving to them or provide cashback. But if they don’t, you’ll have legal, valuation and administration costs to pay.
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