Remortgage

Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from qualified advisers.

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.



Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.



Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you.



It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable

You may have to pay an early repayment charge to your existing lender if you re-mortgage. You can choose how we are paid for mortgages; pay a fee or we can accept commission from the lender, or a combination of fee and commission.

Copyright © 2018 Consumer Choice Financial Services. All Rights Reserved

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

We normally charge a fee for mortgage advice, however this will be dependent on your circumstances, our typical fee is £299.

Consumer Choice Financial Services is a trading style of Saorsa Financial Services Limited which is an appointed representative of Personal Touch Financial Services, which are authorised and regulated by the Financial Conduct Authority.

Registered Office Address: Willow House, Kestrel View, Strathclyde Business Park, Bellshill, ML4 3PB. Registered in Scotland. Registration Number SC276614

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

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