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When you remortgage, you are switching your home loan to another mortgage deal and often to a new lender. Or you may be remortgaging in order to take out a bigger mortgage to cover home improvements or another large bill.
It's often a way to pay off debts with a far higher interest, but do take care that you don't end up continually using the value of your home to cover short-term spending such as credit card bills. Also, those who've paid off most of their mortgage, sometime remortgage to make a major purchase.
If your current deal is coming to an end scour the market to see if there is another attractive deal out there for you. Remember to start looking early - you can generally reserve a rate between three and six months in advance.
Remortgaging is something that almost all mortgage borrowers have to do, apart from those with enough money to pay off the entire loan, or borrowers who choose long-term fixed-rate mortgages.
The process is relatively simple, and many borrowers remortgage once every couple of years to get the best rates. Typical examples include a two-year fixed-rate mortgage or a three-year tracker mortgage.
Those who remortgage regularly to the cheapest deals are likely to spend less on interest over the life of their home loans compared to those who allow their mortgage to revert to standard variable rates (SVR) – usually considerably higher than special deals. An odd quirk of the credit crunch has been that some SVR's have been good deals, but once the base rate starts rising off its historically low level of 0.5% this will change.
If you are looking to remortgage to a best buy rate please fill out our quick enquiry form .
Typical reasons include:
You’ve come to the end of one deal and want to get another one.
You want a cheaper mortgage.
You want to release equity - by increasing the size of the loan on your house - to spend on other things. This might be suitable if you have already paid off a large proportion of your mortgage.
You want to add some unsecured debts (loans, credit cards, overdraft etc) to your mortgage and pay them off that way.
How to remortgage?
When your deal is coming to an end, you can search the market for a new product. Doing nothing and staying with your current lender after the end of the agreed term of your mortgage will mean that you revert to the lender's Standard Variable Rate (SVR).
If this rate is a relatively good deal, you may not want to bother remortgaging. This may be your best option if you haven't built up much equity in your property - many lenders now insist on a minimum of 20%. If you need to borrow much more than this, you could find the cheapest deals aren't available.
If you are staying with your existing lender, then remortgaging should be relatively straightforward. Your lender will probably contact you before your mortgage term expires to talk through your options. If not, you can get in touch with them.
If you feel a bit overwhelmed by the choice, then you may like to enlist the help of a mortgage broker. Not only will they be more adept at finding the right mortgage for you, they also have access to products that aren't available direct to consumers. You can use our quick enquiry form to contact a broker.
Choosing the right deal will depend on your circumstances and the current economic climate.
For instance, if you think interest rates will climb during the period of the deal, a fixed-rate mortgage will protect you from rate rises and ensure a guaranteed level of repayments. Some go for a fixed-rate mortgage because they can't afford to pay extra so it gives them peace of mind for a few years.
However, if you think interest rates are going to fall, a tracker mortgage will generally follow Bank of England base rate down, potentially providing cheaper mortgage repayments. Other special deals such as variable rates and discounted rates may represent good value for some borrowers.
There is more information in our remortgage FAQs and remortgage top tips.
Or click here for information on remortgage deals.
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