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Remortgaging doesn’t involve moving house, nor does it necessarily mean changing lender, though you can do this. If you want to find a new deal because your existing one is coming to an end, changing your current mortgage is simple. It may seem like a hassle, but it really doesn’t have to be, particularly if you get help from a mortgage broker.
Check out our Guide to Remortgaging to help you further understand what’s involved.
Melton Mortgage Solutions advisers can search the market to help you find a product that will suit your personal circumstances. They can offer impartial advice, and a dedicated adviser will take you through every step.
Whatever your situation, their mortgage experts can advise you what to do. Call 01664 494100 or click get started.
Yes, but you need to consider the fees and charges and calculate whether it’s worthwhile.
Each application you make for any type of credit reflects on your file. The more applications you make, especially if they are unsuccessful, the less likely it is that your next one will be accepted. All lenders will tell you if and when they check your credit rating.
Most lenders will require you to give them up to three years of audited accounts and proof of income. If you cannot provide these, the lender will want to know why. If you are newly self-employed, consider using a specialist broker, as it may be difficult to get a deal, particularly at the rate you want.
You will need to weigh up the costs (charges and fees) against the savings you will make in reduced payments, over the term of your loan. If you only have a small mortgage, you may be better off sticking with your current lender.
If you’re able to borrow extra money to remortgage, you can use this as a way to fund home improvements. These can add value to your home.
Since you are starting a completely new mortgage, you can change to a repayment plan. This may be an excellent time to reassess your financial situation and opt for a repayment mortgage.
Some lenders may allow you to split your mortgage, so part is on an interest-only basis and part is on a repayment (capital-and-interest) basis.
If your home has increased in value during the period of your mortgage, you may be able to borrow more by releasing equity from your property. You could use this to make home improvements, make a large purchase, or consolidate debt, for example.
Remember, though, that the best remortgage deals are usually those with the lowest loan-to-value ratio, so bear this in mind if you’re considering borrowing a higher percentage of your property’s current value.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed