Is remortgaging right for me?
The only way to know if remortgaging could save you money or enable home equity release is by comparing what you currently pay to what mortgage deals are available now. This will be subject to the market and personal circumstances. It is advised to seek professional mortgage advice for help assessing your remortgaging options.
How much could I save by remortgaging?
Remortgaging could save you a small amount each month on interest payments. However, as mortgages are typically taken out with long-term repayment periods, these savings can soon add up. The latest research has found that some homeowners could save up to £5,000 by remortgaging at the right time.
How do I remortgage my home?
Remortgaging your home should be a step-by-step process. First, you should read the terms and conditions of your current mortgage to be aware of early repayment fees and other costs. You should then engage with a mortgage advisor to help you identify suitable mortgage types before searching the market. Once you have found a mortgage deal that matches your needs and preferences, you should get ready to apply and then lodge your application.
When is the best time to remortgage?
It’s a good time to remortgage when you believe you can find a better deal. There may be many reasons why you believe an improved deal is possible, not limited to paying off debts, improving your credit score and improving personal finances.
However, one of the most common times homeowners choose to remortgage is when an initial period is coming to an end within their current mortgage. Discount, fixed-rate, and other mortgage types provide more appealing interest rates or peace of mind in the first few years, and then their terms change.
If this sounds familiar, it is best to start looking for a remortgaging deal a couple of months before your initial period ends.
How long does it take to remortgage?
After applying for a new mortgage, it can take between one and two months for the old mortgage to be paid off and the new mortgage to be in place. This is the average timeframe that could be extended if there are unique circumstances or delays due to market demand.
This period does not include the time it takes to research your options, which can be sped up with professional remortgaging guidance.