What does remortgage mean?
To remortgage means that you switch from one lender to another, or from one deal to another with the same lender whilst staying in your existing property.
Why remortgage
There are usually two main reasons for this; the first is that your current deal is coming to end and you may incur a higher interest rate by moving onto the standard variable rate at the end of the term. Alternatively, you may wish to increase the size of your mortgage by taking equity out of your home for example to finance home improvements or perhaps to consolidate debt. We believe you should periodically have a review to see if you are paying too much for your mortgage, as another provider may offer a more favourable deal that will save you money.
When?
You can apply for a remortgage at any time but typically it is when your existing deal is coming to end, this would then mean there are no early repayment charges. We always recommend looking into your options at least 6 months before the end of your current deal, this way you have plenty of time to make an informed decision and have everything in place to have it ready for when your current deal ends.
How?
We can help! One of our expert mortgage advisors will take you through the whole process and will assess whether you could be saving money on your monthly mortgage payments.
If the time is right and you would like to know more, please get in touch with us today on 01904 235000 or hello@mapiofinancial.co.uk