Why you may need to remortgage
Those who are looking to remortgage may do so for a number of reasons.
- Changing to a different deal: A borrower may want to do this when they are coming to the end of their fixed mortgage deal. Fixed deals usually last for 2 years, 5 years or 10 years. When a deal ends the borrower is likely to go onto a variable rate which usually involves high interest rates. You can usually look for a new deal up to 6 months before your existing one ends.
- Consolidating debts: Some prefer to pay off debts by releasing equity in their property.
- Raising additional money: Remortgaging can provide additional funds which could be used to renovate a property or perhaps purchase a buy to let. When doing this your monthly repayments are likely to rise.
Please think carefully before securing any additional debts against your home.
During your appointment
During your appointment our mortgage advisors will chat to you about which deals are currently available. Wherever possible they will try to reduce your mortgage term and/or your monthly repayments.
When changing lenders you are likely to still need to prove your annual income and tell us about any existing debts. If you stay with the same lender then they may use previously supplied information.
There may be special offers to entice you such as cashback, free legals or free valuations. We’ll talk you through all of these and also advise if there are hidden costs which you may not think about.
Get advice now
Talk to us today to ask any questions and find one of the best mortgage deals through our brokers. You can talk to us over the phone or we can come and visit you at home or at work. Visit our contact page to book an appointment or use the form below. We have a mortgage broker in Wolverhampton, Coventry, Birmingham and other West Midlands cities.