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Specialist Remortgage Advice
A remortgage is a change of the mortgage deal on your property, either by switching it to a new lender, or by moving to a different rate with your existing lender. It can be a good way to find lower interest rates and better mortgage terms.
How much a remortgage costs depends on the amount you need to borrow, the type of mortgage – repayment or interest-only, for example – the interest rate you agree to pay, how many years the loan is spread over (known as the term of the loan) and the fees you are charged when setting it up. Our advisors have access to thousands of mortgage products from hundreds of lenders, and unlike online comparison sites, our advisors tailor your remortgage to fit your personal circumstances. Your personal remortgage advisor will complete all of the relevant paperwork for you, liaising with solicitors, lenders and surveyors throughout the process, to make sure your remortgage goes as smoothly as possible.
There are a number of reasons you might want to remortgage your home, including:
- Your current deal is about to expire
- Equity Release
- Increased property value
- Mortgage Overpayments
- Your are on a high interst rate
- Offsetting Savings
Can I remortgage with bad credit?
You may be able to remortgage if you have a poor credit rating, but it’s unlikely you’ll be able to get the best rates available from a lender. Get hold of a free copy of your credit file and see if there are any ways you could improve your credit rating.
At choice mortgage centre, we can show you the mortgages you're likely to be eligible for without it harming your credit score. This is because we can perform a ‘soft search’ on your credit file when searching for new mortgage deals with lenders.
How can I get the best remortgage deal?
The best remortgage deal will depend on a number of factors including your individual financial circumstances. These are some of the things to consider:
Improve your credit rating
Having a good credit score will allow you to get the best advertised rates from mortgage lenders
Seek out low interest rates
Compare deals by the lowest rate. Consider fixed and tracker deals to see which might suit your attitude to risk
Reduce your loan-to-value (LTV)
If you can borrow a lower percentage of the property’s value, you can often find cheaper remortgage deals
Look for low fees
Administration, legal and valuation fees on a remortgage can offset a low interest rate – so a deal is not as good as it first appears