Remortgaging
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A Guide to Mortgages for Those Remortgaging
Remortgaging can happen more frequently than you think. For example, every time your deal comes to an end you’ll want to remortgage. If you don’t, you run the risk of going onto the lenders standard variable rate which is often a lot higher than other rates offered by other lenders.
Remortgaging can potentially save you thousands of pounds over the lifetime of your mortgage and here’s the good news… When you arrange your mortgage with us, we’ll look after you for the rest of your life and always make sure you’re on the best deal for you at any given time.
Please bear in mind remortgaging involves a whole new application to another lender and will require solicitors to deal with the legality side of things. This is why it’s crucial for you to get advice from an expert on what your options are and the best way for you to proceed. AL Mortgage Solutions will search the whole market for you, find you the best deal and process the whole application from start to finish.
What is Remortgaging?
A remortgage simply means switching from one lender to another either to get a more suitable deal.
Why should you remortgage?
You might think your current lender will offer you the best deal out there but I’m sorry to say that often isn’t the case. This is because they will only offer you what they have available, they won’t look at competitors products to find the best deal for you.
We will, and we’ll do one better… we’ll also check with your current lender and let you know if staying with them works out best.
When Should I Remortgage?
When your initial rate is coming to an end (i.e. the end of your 2 year fixed rate)
The best time to do this is 3 – 6 months before the end of your initial rate period (fixed, tracker, etc) as it takes a long time for everything to be finalised. It can be done quicker, but it’s always best to be on the safe side. This means you’ll have a nice smooth change over from one lender to another… as soon as one deal finishes the other one starts.
When rates are low (lower than when you took out your original mortgage)
The best time to do this is 3 – 6 months before the end of your initial rate period (fixed, tracker, etc) as it takes a long time for everything to be finalised. It can be done quicker, but it’s always best to be on the safe side. This means you’ll have a nice smooth change over from one lender to another… as soon as one deal finishes the other one starts.
When you want to borrow additional funds
There other many other reasons you may want to remortgage. You may want some additional funds to do an extension, buy a car, get married, pay off credit cards and loans, etc and the good news is, these reasons are all acceptable. But the bad news is, not to every lender. That’s where we come in… we’ll speak to you to find out exactly what you want to do, advise you on the best lender to go with and then complete the whole transaction for you.
When your home has increased in value
One of the best things about buying a house is the rate at which it can increase in value. Sometimes it will increase in value quicker than you imagined and you could suddenly find yourself with a large amount of equity sitting in your home. Lenders will generally give you a much better rate if the amount you owe them is much lower than the value of the property. This is looked at as a % and is known as the loan to value (LTV). The lower the LTV, the better the rate. Speak with our advisers to find out if you can get a better deal today.
Mortgage Types
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Location
AL Mortgage Solutions Ltd
35 Eccleston Street, Prescot, L34 5QA
0151 329 3313
07412563920
info@almortgagesolutions.co.uk