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Remortgages

Remortgaging means moving your mortgage from one lender to another for a property you already own. We will explain here why you should consider remortgaging, when you should consider this and how Fairview Financial can assist in finding you a great remortgage deal based on your circumstancesAnd we'll do this free of charge.




RESIDENTIAL REMORTGAGES: WHY SHOULD YOU THINK ABOUT REMORTGAGING?

You would normally consider remortgaging in one of these situations:

  • The fixed interest rate deal for your current mortgage is coming to an end. Usually fixed mortgage rates are set between 2 to 5 years and if you are coming to the end of this benefit period you should think about searching for a new deal.
  • You are on a Standard Variable Rate (SVR). When the introductory offer comes to an end your lender will automatically move you onto to a Standard Variable Rate (SVR). This type of rate is normally higher so why not shop around to find a more competitive rate.
  • Your circumstances have changed or you may be looking for a mortgage with more flexible options. The mortgage you took a few years ago may no longer suit your current needs. your circumstances may have changed such as promotion, family, inheritance, credit history etc so you may wish to rejig your mortgage such as pay more per month or reduce the term. Our advisers will asses all your details to find you a mortgage which is right for you and your situation.
  • Your property has significantly increased in value. If you find out that your home has increased its market value significantly since you took out the mortgage, you may be able to move into a lower loan to value bracket (LTV). The impact of a lower LTV can save you a lot of money with a lower interest rate.
  • You want to release equity from your home for reasons such as debt consolidation, home improvements or investment. Perhaps a further advance on your existing mortgage with your current lender is not an option so you may want to remortgaged with a new lender to raise the extra money you needed.

BUY TO LET REMORTGAGES

Same as residential mortgages, Buy to Let mortgage deals are set usually between 2 to 5 years and after this they revert to a higher variable rate. If you want to avoid very expensive monthly payments, you’ll need to remortgage to another buy to let deal. Remortgaging a Buy to Let property can also be a useful way to release extra funds to make improvements to the property you let out or to put down a deposit for purchasing another buy to let property. To find out more on how we can help with Buy to Let mortgages click here.

 

WHAT TO CONSIDER BEFORE REMORTGAGING?

Remortgaging is not just about saving money. Your timing and personal circumstances have to be taken into account to decide if the savings available at the point you’re considering remortgaging will outweigh the associated costs. Here are the most important things to consider.

    • Don’t forget the fees. Your current lender may charge you an exit fee and there is also other fees to consider for the new mortgage, such as arrangement fee, valuation fee, legal costs. You can add some of these costs to your mortgage but remember that’s more expensive long term as you’ll be paying interest on the money for the duration of the mortgage loan. It is best to do some sums to take into account the full costs of remortgaging.
    • Early repayment charges. If you are currently in a fixed rate deal, you will have to pay your lender an early repayment charge if you wish to leave before the end of the deal. If the early repayment charge are very high it may turn out to be more expensive to move before the end of the incentive period. So it’s definitely worth making some calculations.
    • You may not necessarily be accepted by another lender. If your financial or employment situation has changed since you first got your mortgage, you may no longer fit the criteria for a new mortgage with another lender so it may be better for you to stay where you are.
    • If you are raising extra capital with your remortgage, you will be increasing the amount you are borrowing and will therefore see a rise in your monthly repayments. You need to work this out carefully. Mortgages may have lower interest rates in comparison to credit cards or loans for example but borrowing over a long period of time may cost a lot more in the long run.

 

HOW CAN FAIRVIEW FINANCIAL ASSIST YOU WITH A REMORTGAGE?

As you can see there are many things to consider before rushing to remortgage. For some remortgaging can be a straightforward process, for others however, changing mortgage lenders can be difficult. Your situation might have become more complicated since your previous mortgage application or you simply do not have enough time to do this on your own.

Fairview Financial will search the whole mortgage market for you to establish if switching lender is the most suitable option for your circumstances and to find you a cost effective and suitable remortgaged deal.

 








WHY CHOOSE FAIRVIEW FINANCIAL?

    • We will not charge you any fees for arranging your remortgage.

     

    • We take away the hassle from remortgaging by looking after the whole switchover process from start to finish.

     

    • Fairview Financial has access to the whole mortgage market and thousands of remortgage deals so we can help you save money by finding you a competitive rate based on your circumstances  We also have access to specialist lenders not available on the high street mortgage market so we can assist with remortgages even in the most difficult of circumstances.

     

    • With many years of experience in the financial sector, our advisers have a comprehensive knowledge of the mortgage market. Whether your situation is, we will assess the eligibility criteria with various lenders and assist you in choosing the right mortgage options tailored to your requirements. We will explain everything in detail and jargon free, so you fully understand all of the implications and benefits

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    • We know day to day life is busy so we are available outside the 9 to 5 hours. You can make an appointment to visit us in our office in Cheltenham or we can chat over the phone in the evenings and on Saturdays too. We work with our clients face to face, by phone or by email to suit all busy schedules.

     

    • Doing a good job is very important to us and we delighted to have so many satisfied customers. We have helped many people remortgage in Cheltenham, Gloucestershire and the surrounding area. Why not have a look at some of the testimonials on our website? Also we are a Top Rated Adviser featured in the 2019 Guide to the UK’s Top Rated Advisers in The Times.


           Contact Us

Fairview Financial can review your current mortgage at no cost. We have access to thousands of remortgage deals.

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