Remortgaging? We can help!

Remortgaging your property does not need to be a headache..

Whether you’re looking to reduce your monthly payments, secure a better interest rate, release equity, or consolidate debt, remortgaging can offer you the financial flexibility you need. 

What do you need to consider?

1. Early Repayment Charges (ERC)

When considering remortgaging, it’s crucial to understand early repayment charges. ERCs are fees imposed by your current lender if you pay off your mortgage early or switch to a new deal before the agreed-upon term. These charges are typically a percentage of your outstanding loan amount and vary between lenders. Before remortgaging, it’s vital to evaluate whether the potential savings from a new deal outweigh the cost of ERCs.

2. Exclusive Rates for Brokers

Working with a mortgage broker can provide you with access to exclusive rates not available to the general public. Brokers have relationships with a wide range of lenders and can help you navigate the mortgage market effectively. They possess expertise in finding suitable deals tailored to your financial circumstances and goals. By leveraging their knowledge and network, you can increase your chances of securing a competitive remortgage rate.

3. Searching the Whole Market

When remortgaging, it’s essential to explore the whole market to find the best deal for your specific needs. While major high street banks offer a range of mortgage products, there are numerous specialist lenders and building societies worth considering. Utilizing the services of a mortgage broker or using online comparison tools can help you search the entire mortgage marketplace, saving you time and potentially unearthing more favorable options.

4. Considerations for Remortgaging

a. Lower Monthly Payments: Remortgaging can provide an opportunity to lower your monthly payments by securing a lower interest rate or extending your mortgage term. It’s important to assess the impact on your overall financial situation and ensure the long-term affordability of your new mortgage.

b. Equity Release: If your property has increased in value since you initially took out your mortgage, remortgaging can allow you to release equity for various purposes, such as home improvements or funding major life events. However, it’s crucial to carefully evaluate the financial implications of releasing equity.

c. Debt Consolidation: Remortgaging can also be a way to consolidate existing debts, such as credit cards or personal loans, into your mortgage. By consolidating, you may benefit from lower interest rates and simplify your monthly repayments. However, it’s important to consider the long-term costs and potential risks associated with consolidating unsecured debts into a secured loan.

5. Seeking Professional Advice

When exploring remortgaging options, it’s highly recommended to seek professional advice from mortgage brokers, financial advisors, or independent experts. We can provide tailored guidance based on your individual circumstances, ensuring you make informed decisions aligned with your financial goals.

At Giles Financial Services, we understand the complexities of the remortgaging process and aim to provide you with the necessary tools and support to make informed decisions. Our team of experts is here to guide you through the journey, helping you find the most suitable remortgage deal tailored to your requirements.

Contact us today to learn more about how we can assist you in unlocking the financial flexibility you desire through remortgaging.