There are many reasons why you may be thinking of remortgaging. The most obvious is to save money. There is a good chance that you took out a short term deal, be it fixed or discounted, for a number of years which is now coming to an end. Most of these deals when they end will revert to what is known as the bank's Standard Variable Rate (SVR) which is often several per cent higher than the rate you had on your deal, significantly increasing your monthly mortgage costs. It is important to try to avoid this if you can.
In order to make sure you secure the best possible pricing for your new deal it is important to compare what is on offer from the whole of the market. It might seem strange, but it normally works out more cost effective to remortgage to a new lender rather than to stay with your existing lender as the best deals are normally offered to new customers, often saving significant sums of money over the life of the new deal.
As part of the remortgage process you might want to release some equity to pay for home improvements or consider doing so to consolidate some unsecured debts. These are all things we can advise you on.
Since you took out your last mortgage you may find the lending landscape has changed significantly. For example you may have an Interest Only mortgage which was much more common and much easier to qualify for when you took out your last mortgage. Alternatively, you may find your situation has changed, you may have switched jobs, or even become self-employed; you may have had a child and as a result your income and household expenditure has altered, all of which might make the idea of remortgaging seem more daunting.
Whatever your reasons for considering remortgaging, at Domus finance we can help work through your options with you and determine the most suitable and cost effective way of structuring your new mortgage to meet your current circumstances and future needs. We will also manage the entire process for you, removing any hassle or inconvenience in switching, and will ensure the process transacts quickly and smoothly so that you can begin benefitting from those savings at the earliest opportunity.
To find out more why not give us a call or send us an email. Click Contact Us to see how.