Your home may be repossessed if you do not keep up repayments on your mortgage.

remortgaging

Remortgaging

Could you save money by remortgaging?

Remortgaging need not be a hassle. In fact, it’s something we should all think of regularly to make sure we’re still on the best mortgage deal.

If your current mortgage deal is about to come to an end, it’s important to start shopping around for a new offer before you get transferred onto your lender’s standard variable rate (SVR) – this could be higher than your current rate.

Why not let Advanced Mortgage Solutions do some of the hard work for you, and make sure you’ve got the very best mortgage for you.

When to remortgage

Remortgaging can be great way to save money and is something you should consider regularly to make sure you’re on the best mortgage deal.

There is no set time when a person should remortgage as it will all depend on your personal circumstances and the reason why you are thinking of remortgaging. But it is especially worth thinking about a remortgage when you are getting near the end of a fixed rate deal or now if you are on your lender’s standard variable rate.

Why remortgage?

  • To save money
  • To move onto a fixed rate deal so you can be certain of what your repayments will be
  • To release equity in your home if it has gone up in value
  • To fund home improvements
  • To move onto a mortgage that better suits you current circumstances e.g. longer/shorter term or greater flexibility with payments

For a remortgage to be worthwhile both the cost and the product features of the new mortgage need to be right for you.

Cost of switching mortgage

By calling Advanced Mortgage Solutions we can quickly work out how much switching will cost you by comparing what your current mortgage costs and what a new deal would cost you. There may be exit penalties that may apply to your current deal and any arrangement fees to set-up the new mortgage. We will factor all of this in when helping you decide if it’s the right time to remortgage.

The best remortgage for you

You also need to make sure the new mortgage suits your circumstances. You may find that a different type of mortgage may suit you better, such as a fixed rate mortgage deal if you want to be certain of what your monthly repayments will be, or an offset mortgage if you have savings which you’d like to use more effectively.

There may also be specific mortgage features that you are looking for, e.g. you may want the flexibility to make overpayments or underpayments or the option to take repayment holidays. You may want move onto a shorter or longer repayment term or you may want a portable mortgage that you can take with you if you move house.

A fee of upto £250 non refundable fee is payable upfront depending on the individual case.