Whether you want to stay put and turn your current home into your forever home or simply want a better deal, it’s important to get the next step right.
Re-mortgaging could be ideal if you want to minimise your mortgage repayments or raise additional funds, but it can feel like a daunting process with so many options. Our advisers can help you navigate an extensive range of highly competitive products to find the right one for you.
You may choose to re-mortgage if:
- your current deal is about to end – if this is the case, the provider will put you on its standard variable rate (SVR), which is likely to be higher than other deals;
- you want a better rate;
- your home’s value has increased;
- you want to pay your mortgage off quicker – some deals won’t let you overpay on your mortgage; or
- you want to borrow more money.
Whatever your reason for re-mortgaging, our advisers are here to help.
While you can re-mortgage at any time, it’s best to wait until:
- you approach the end of a fixed rate mortgage deal – you can find another deal up to six months before the SVR kicks in
- interest rates are lower than the rate you’re currently paying
- the value of your home has significantly increased; or
- the benefits outweigh the costs.
The amount you can borrow will depend on a combination of a number of factors
- Your income
- Your spending
- Your credit score - which is based on your credit history
- The value of your property
Each mortgage provider will have a limit on what they’ll lend you compared with the current value of your property.
The lower the loan-to-value (LTV) ratio, the better – you’re likely to have more options and get a cheaper deal on your mortgage. Our advisers will work with you to assess the options and find the right deal for you.