Remortgage

The Remortgage process can be used for numerous reasons, the most popular of these is to obtain a new mortgage product offering a lower interest rate or terms that are more competitive than your existing lender can offer you.

Most lenders will allow you to raise funds simultaneously for a genuine purpose such as home improvements, debt consolidation or divorce.

What is a Remortgage

In its simplest form a remortgage means shopping around for a better deal. Each lender will offer a wide variety of mortgage products and it is important to check these against what your own lender can offer you.

Even a small change in interest rate or a lower fee structure could mean saving hundreds of pounds.

When to Remortgage

There is no correct time to remortgage, you can do it at any time but certain times would be preferential. Everybody should look at re-mortgaging when their mortgage product expires.

The majority of mortgage products will have a penalty clause period. If you remortgage within this period a substantial charge could be taken by your existing lender making it less viable.

Mortgaging to ensure this penalty clause is not charged enhances the reason to move. At this time you can request extra funds for other purposes.

To take full advantage of the best Interest rates lenders are offering remortgage options should be examined at every opportunity.

Competitiveness

Mainstream lenders want to lend money but they need to attract your business. As such, although legal work is undertaken within a remortgage, there are products available where the legal conveyancing costs are covered for you.

As well as this, products can also provide a mortgage valuation on your property without cost.

In this instance it means you are comparing like for like looking at the interest rates and lender fees rather than ancillary costs.

Advantages

Re-mortgaging on a regular basis can saving you hundreds of pounds and will ensure you pay your mortgage off in the quickest time.

Fees and Charges

As whole of market mortgage brokers this means our advisors are able to search the market on your behalf. In addition, the adviser will examine the full product details to ensure that all aspects are taken into account to advise if a remortgage is worthwhile.

Fees will impact on the decision if a remortgage is the correct path and the fees that need to be taken into account are:

  • • Lenders product fee

  • • Lenders booking fee

  • • Valuation fees

  • • Valuation administration costs

  • • Existing lenders account closure fees

  • • Telegraphic transfer fees

  • • Legal costs

Some of these fees can also be added to your new mortgage, this will impact on the overall cost of the borrowing along with how both the new and the old lender calculate their interest.

Nicholson Brown Limited is authorised and regulated by the Financial Conduct Authority under register number 671013.

Your home (or property) may be at risk of repossession if you do not keep up repayments on your mortgage or loan secured upon it.

We do not charge for our initial consultation, however we charge a brokerage fee for residential and buy to let mortgage applications. The fee is dependent upon the complexity of your case and is typically up to £500, payable upon completion of the transaction.

This website is subject to the UK regulatory regime and is therefore primarily aimed at consumers based in the UK.

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