Faulkner O'Connell - Mortgage and insurance advisors in Swindon

RE-MORTGAGING YOUR PROPERTY IN SWINDON


People re-mortgage for various reasons, including:

  • Securing a better interest rate. Switching to a lower interest rate can reduce monthly payments and save money over the mortgage term.
  • Releasing equity. Homeowners may re-mortgage to release equity from their property for home improvements, debt consolidation, or other purposes.
  • Changing mortgage terms. Borrowers may opt for a different mortgage term, such as mortgaging over a longer or shorter time, or switching from a variable rate to a fixed rate or vice versa.

Before re-mortgaging, it’s essential to assess your current mortgage deal, financial situation, and goals. This needs to consider factors such as the remaining term of your mortgage, early repayment charges, and any fees associated with re-mortgaging.

It’s important to assess different mortgage deals from various lenders to find the one that suits your needs best, comparing interest rates, fees, and terms to identify the most suitable option. Our mortgage advisors can do this for you.

Lenders will assess your affordability when considering your re-mortgage application. They’ll look at factors such as your income, expenses, credit history, and the value of your property. Your lender may require a valuation of your property to assess its current market value. You’ll also need to go through the legal process of transferring your mortgage to the new lender, which may involve legal fees.

If you’re currently on a fixed-rate or discounted mortgage deal, there may be early repayment charges for ending your existing mortgage contract early. These charges can impact the cost-effectiveness of re-mortgaging. Seeking professional help ensures all of these considerations are taken into consideration when calculating the true cost of switching your mortgage.

Considering the timing of your re-mortgage is also important, taking into account any potential changes in interest rates, your financial situation, and the housing market.

Re-mortgaging can offer financial benefits and flexibility, but it’s essential to carefully consider your options and understand the costs and implications involved. Our mortgage advisors will help you assess your current mortgage and all re-mortgage options so you can make an informed decision.

How can we help?

  • When you know your current mortgage product is coming to an end, it can be worrying if interest rates have risen since you took out your previous mortgage.
  • Alternatively, if interest rates have decreased, it can be an opportunity for you to save money.
  • Whichever your circumstance, we’ll make sure you’re making the best out of the situation – be that keeping an increase to a minimum or making maximising a saving as much as possible.

Sometimes it will be cheaper to take another product with your existing lender.

  • If that’s the case, we’ll work with your existing lender to make sure you move to the cheapest product available to you.
  • We’ll deal with all the paperwork and make the process as seamless as possible.

Sometimes it will be cheaper to move to a new lender.

  • Re-mortgaging to a new lender involves legal fees and this will all be taken into consideration.
  • If you choose to move to a new lender, we’ll find you an affordable solicitor and instruct them for you so you don’t have to worry.
  • There’s also a chance we’ll be able to find you a product with cashback to cover the legal fees so you won’t have to pay anything.

If your interest rate is coming to an end within the next 6 months, get in touch today to see our our mortgage advisors can help.

We’ll have a chat about your current product and circumstances then investigate your best options.

Get clear and concise answers to your questions. Contact us today to schedule a consultation with one of our experienced advisors.