Switch Your Product or Lender

Is your rate coming to an end? Are you looking to re-mortgage?

We offer a fast, reliable and secure service to clients looking to switch their product or re-mortgage to a new lender to get a better deal or fund home improvements. 

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WHAT IS A REMORTGAGE?

Remortgaging is when you apply to move from your current mortgage lender to a new one. You can apply for a like-for-like remortgage or raise additional money to consolidate debts or fund home improvements. The word is often confused with switching to a new type of mortgage or a different interest rate with your current mortgage lender. This is called a product switch.

The benefits of remortgaging with a new lender can include getting a different interest rate or mortgage type, or borrowing more money for home improvements or a big purchase. You might be able to get a lower rate by remortgaging because your loan to value could be lower if you’ve paid off a significant part of your mortgage since it started.

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5 REASONS TO REMORTGAGE

1. Your current mortgage deal ends soon;

This means you could move to the lender’s standard variable rate. As this is often higher, it’s time to check for better mortgage deals.

2. You’re paying a high interest rate;

If you’re already on a standard variable rate or high fixed rate, switching to a lower fixed or tracker rate could lower your monthly payments or help you pay off your mortgage sooner.

3. You want to pay off your mortgage early;

Switching to a mortgage that lets you make overpayments could help you be free of your mortgage debt earlier than your original term.

4. Your property has increased in value;

In this situation, you could apply to borrow more for things like home improvements. Your lower loan to value ratio could mean you’re eligible for a wider range of interest rates.

5. You may have a lot of unsecured debt that you are paying high interest rates on; 

Consolidating this debt could save you money in the long run. Financial advice should be sought before consolidating any debts.

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REMORTGAGE PROCESS

1. Get all of the information about your current mortgage prepared, including an up-to-date redemption statement.

2. Speak to a Financial Advisor or Mortgage Advisor to go through the detail, your goals and products that are available.

3. Submit your agreement/mortgage in principle.

4. Submit full mortgage application & instruct Solicitors if not included in the new mortgage.

5. Pay any associated product fees to the lender (if not capitalised).

6. Review your life assurance (free of charge).

7. We will chase through to completion so you can sit back and relax.

Think carefully before securing other debts against your property. Your home may be repossessed if you do not keep up repayments on your mortgage.

Some buy to let mortgages are not regulated by the financial conduct authority.