Remortgage Advice
Whether you’re looking to switch to a better deal, coming to the end of your existing mortgage term, or want to borrow money against your property, a remortgage could be the solution for you. At Home Guru, our expert mortgage advisers understand that your mortgage is probably your biggest commitment, and there are significant monthly savings to be had if you can cut your interest rate. Additionally, remortgaging provides an opportunity to release equity in your home, allowing you to finance home improvements or pay off more expensive debt elsewhere. In this comprehensive guide, we’ll walk you through the remortgaging process, step by step, to help you secure the best remortgage deal for your circumstances. From understanding what a remortgage is to exploring different options and considerations, we’ve got you covered.
Expert Tips for Remortgaging
Remortgaging is a great opportunity to shop around and look for a better deal. Our expert mortgage advisers are dedicated to providing you with the best advice and support throughout the remortgaging journey. Our trusted mortgage team, shares invaluable tips to ensure a smooth and successful remortgaging experience.
Planning ahead for remortgaging
To make the most of your remortgage, start planning ahead. Check when your current deal will come to an end, and start by exploring options at least three months before that date. This approach will help you avoid slipping onto a potentially expensive standard variable rate.
Loan-to-Value (LTV)
Lower loan-to-value (LTV) ratios can secure better rates and a wider range of options. Consider paying off a portion of your mortgage if you're close to a lower LTV band for example 60% or 75% you'll have access to more favorable rates.
Borrowing more on your mortgage
Make sure your property's value has appreciated beyond your initial mortgage (known as having equity). When considering borrowing more on your mortgage , affordability is importnant, especially if it's for home improvements or second property deposit . Struggling with payments could result in lender repossession.
Fees and costs
Remortgaging may involve certain fees, such as property valuation and legal costs, many lenders offer deals that cover or minimise these fees. Our expert team will guide you to find the right combination of rates and fees that align with your needs and circumstances. For more information on fees check out our mortgage fees guide
With Home Guru, you can confidently navigate the remortgaging process and secure a deal that best suits your financial goals. Our team is here to provide personalised advice and support every step of the way. Contact us today to start your remortgage journey now!