Remortgaging is when you switch your existing mortgage to a new mortgage. You may want to remortgage if:
- You’re coming to the end of your existing mortgage rate,
- Looking for a better deal than your current lender can offer,
- Planning to borrow more money against your property.
What you should consider when remortgaging
It’s important to consider the following when remortgaging, as there are extra fees that come alongside it. The below will supply you with a brief overview on what you should do to get the best outcome for yourself.
Do your research
There are several mortgage deals on the market and it’s important to shop around to find the best one for you. Before switching lenders, you should ask your current lender what rates they can offer. You may be able to get a better deal with them, and switch to a new mortgage rate with them.
Consider the cost to remortgage
It’s important to understand if it’s financially worthwhile to remortgage. This is because there may be costs when moving your mortgage to a new lender. Some of the costs include:
- Property valuation costs,
- Exit fees charged by your current lender,
- Booking or completion fees charged by your new lender,
- Conveyancing costs
To better understand if it’s financially worthwhile you can calculate your new mortgage repayments and see if the benefits of remortgaging outweigh the costs involved in doing so.
Flexible mortgage and whether you should remortgage for one
A flexible mortgage allows you to take payment holidays, and to adjust your payments to best suit your financial situation. As an example, you may be changing jobs or going travelling and so want to be able to miss a payment. However, these flexible features would come with a slightly higher interest rates.
At Attwells Solicitor’s we provide remortgage conveyancing to help with your remortgaging. You can ensure that opting for a local conveyancer will ensure a swift seamless transaction. Attwells Solicitor’s use straightforward language alongside award winning client care. As well as this Attwells fees are transparent and can be explained in full to you.
Our blogs and articles are correct at the time of writing.
These have been created for marketing purposes only and should not be considered as legal advice.