ADVICE for WHEN IT'S TIME TO

Remortgage

Once you’ve taken out a mortgage, your rate of interest and monthly payments won’t remain the same forever. Mortgages change on a regular basis and it can be easy to accidentally move onto a product with a higher interest rate, which means paying more each month and potentially disrupting your personal finance goals.

Here at Mortgage Advice Firm, we help homeowners to understand their options and stay in control of their mortgages. If you’re based in Hull or East Yorkshire and looking for expert advice in regard to remortgaging, read on to discover how we can help.
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Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Advice Firm usually charge a fee for mortgage advice. The amount of the fee will depend upon your needs and circumstances. This will be discussed and agreed with you at the earliest opportunity. Typically, our fee is £399.00 and is payable on Mortgage Offer.

Your guide to remortgaging

Whether you’re not sure what remortgaging means or you’re ready to take on an expert advisor, we’ve put together some key information about how it all works.

Below are the top questions we’re asked about remortgaging and how to stay in control of your borrowing.

For more advice on remortgaging, get in touch with our team of expert advisors today.

common QUESTIONS
What does remortgage mean?
What is a product transfer?
What happens if I don’t remortgage?
Can I increase my mortgage borrowing?

What does remortgage mean?

A remortgage is when you payoff your existing mortgage by applying for a new one. This occurs when your existing mortgage has expired or is due to expire in the near future. Often you will be on an introductory rate and, once this ends, your mortgage borrowing will revert to the lender’s Standard Variable Rate.

Your lender’s Standard Variable Rate could be a higher rate of interest compared to what you’ve been paying so far, which will mean larger monthly mortgage payments going forward. By remortgaging, you can avoid this and ensure that you benefit from the best deal available for you, which supports your personal cash flow and gives you peace of mind that you’re not paying more than necessary.

As a valued client of Mortgage Advice Firm, we will proactively contact you when your existing mortgage deal is due to end. This removes a task from your to-do list and ensures that you never miss the opportunity to review your mortgage when the time comes. We’ll do all of the legwork for you by comparing the product offered by your existing mortgage provider with others available on the market and advise on your options.

To find out more about remortgaging, please get in touch with our team of expert advisors.

What is a product transfer?

Your mortgage is referred to by your lender as a product. When your existing mortgage is close to expiring, your mortgage provider will offer you a new product to remain with them. As a result, you will move from one product to another, which prevents you from automatically moving onto the lender’s Standard Variable Rate of interest.

As our client, we’ll regularly sit down with you to go through your options each time a remortgage is due. By comparing the products available from your existing provider to the rest of the market, together we’ll find the best deal to fit your needs.

To find out more about this service, please get in touch with our team of expert advisors.

What happens if I don't remortgage?

If you don’t remortgage when your existing mortgage product expires, your mortgage will remain with your current provider. In the process, you’ll be moved onto the lender’s Standard Variable Rate, which often means your monthly payments will increase in line with the higher interest rate.

A lender’s Standard Variable Rate of interest is often greater than the rate of interest on your existing product. This is why it’s so important to review your mortgage borrowing to avoid the Standard Variable Rate of interest from taking effect and resulting in higher monthly payments.

To find out how we can support you on a long-term basis and ensure you remain on a competitive rate of interest, please get in touch with our mortgage advisors.

Can I increase my mortgage borrowing?

The short answer is yes, you can indeed increase your mortgage borrowing. However, it’s crucial that you fully understand your credit profile and lending capacity before going ahead. Factors such as income, expenditure and equity all play a part in how much you’re able to borrow.

You may have plans to build a home office or extension, settle debts, gift money to children, pay for a wedding, take long holidays, and so on. Taking all of these into account will give you a clear picture of your future cash flow and how much you can increase your mortgage borrowing by.
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For tailored advice and support, get in touch with our mortgage advisors today.
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The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
Mortgage Advice Firm Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered Office: 2 Exeter Street, Cottingham, East Riding of Yorkshire, HU16 4LU. Registered in England& Wales. Company Registration Number 13333222.
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