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.
what to consider
IS REMORTGAGE THE BEST OPTION?
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
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.
Your home may be repossessed if you do not keep up repayments on your mortgage
Mortgaage Calculator
This calculator is for illustrative purposes only and may not reflect the true cost of repaying a mortgage before you enter into any new mortgage commitment, you need to be sure that it is affordable on your own personal budget. Use this budget planner to work out what you can afford to pay each month
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You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with GDPR May 2018 requirements. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.
By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
The Mortgage Corner (Cheshire) Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority (FCA 192642). Registered Office: 20 High Street, Congleton, Cheshire, CW12 1BD. Registered in England and Wales, Registration No 4912909
