to Lynton Mortgages,

where our genuine team of mortgage advisers is committed to guiding you through the mortgage process seamlessly. We prioritize efficiency and transparency to save you time and alleviate any concerns. Contact us for a complimentary consultation with one of our advisers to discuss personalized mortgage options. With our honest approach, we ensure you secure a favorable deal without any hidden costs. Reach out today and let us help you find the perfect mortgage solution tailored to your needs.

What is remortgaging and how does it work?

Remortgaging is changing your current mortgage deal to a different one. It could be with the same provider or potentially with a new lender.

A lot of people look at remortgaging because they want to, for example, take money out of the house to do work on their property. At the end of an initial mortgage term such as a fixed rate deal, if you don’t remortgage you will be moved to the Standard Variable Rate – and interest rates tend to jump up quite a bit.

There’s also something known as a product transfer, which is where you take a new product with your existing lender. A product transfer ultimately involves the lender pressing a few buttons to switch you over to a suitable product at that point in time.

When is a good time to remortgage?

There come moments in your mortgage journey where remortgaging becomes necessary. A common scenario is nearing the end of your current mortgage deal.

For instance, if you took out a five-year fixed-rate mortgage, it’s essential to consider your options as the deal approaches expiration. Transitioning to the standard variable rate without action could lead to a significant increase in payments.

Alternatively, suppose your property value has risen substantially. In that case, remortgaging presents an opportunity to release equity for home improvements, a Buy to Let venture, or debt consolidation.

Furthermore, personal advancements, such as career progress and financial stability, may warrant a review of your mortgage terms. Adjusting the mortgage term to reflect current circumstances could yield substantial long-term savings in interest.

At Lynton Mortgages, we’re here to provide honest guidance tailored to your evolving needs. Contact us to explore your remortgaging options today.

When is it not a good idea to remortgage?

You might encounter situations where your financial circumstances have changed since you originally secured your mortgage. For instance, if your income has decreased due to job loss or starting a new business without sufficient accounts history, traditional remortgaging may not be feasible.

In such cases, opting for a product transfer with your existing lender could be a more viable solution. Unlike remortgaging, a product transfer typically doesn’t involve income reassessment, making it a simpler process.

Additionally, hefty early repayment charges, often associated with fixed-rate mortgages, can deter borrowers from remortgaging prematurely. In such scenarios, exploring alternatives like a Further Advance directly with your lender could be more cost-effective.

At Lynton Mortgages, we provide honest guidance tailored to your specific circumstances. Contact us to explore your options and find the most suitable solution for your needs.

Speak to an expert

At Lynton Mortgages, our dedicated team of advisers is committed to assisting you with buying or remortgaging your home. We prioritize safeguarding your property and lifestyle while saving you time and effort. Our focus is on securing a competitive deal tailored to your needs.With a commitment to honesty and transparency, we strive to deliver the best outcome without any hidden fees. Contact us today for personalized guidance on your mortgage journey.

What remortgage options are available?

The remortgage options available to you depend greatly on your specific plans. That’s why it’s essential to have a conversation with an advisor like myself. I can provide you with tailored advice to help you navigate the best way forward.

Generally, there are three main avenues for remortgaging. Firstly, there’s the standard remortgage where you transition to a new lender as your fixed rate term comes to an end. This option offers flexibility and numerous choices.

The second option is a product transfer, where you remain with your current lender for various reasons. Lastly, if you’re still within a fixed-rate term with early repayment charges, there’s the possibility of a further advance, essentially a top-up mortgage alongside your existing loan.

Why remortgage at the end of a fixed-rate deal?

When we initially discussed your mortgage setup, we went through the monthly repayments and interest rates for your two, three, or five-year mortgage. It’s essential to be proactive because once your current mortgage deal ends, your interest rates can spike significantly, leading to higher payments.

To avoid this, I recommend starting to explore remortgage options about six months before your current deal expires. This early planning offers two key advantages. Firstly, you can secure a favorable rate ahead of time, protecting you from potential interest rate hikes. Secondly, if rates decrease before your remortgage completes, I can renegotiate for even better deals on your behalf.

Additionally, the remortgage process can take up to three months to finalize. Starting early ensures you have ample time and peace of mind, avoiding any last-minute rushes and potential lapses into the Standard Variable Rate. Your fixed-rate mortgage will be secured seamlessly as part of the remortgage process.

How do I improve my chances of getting a good remortgage?

It’s just like buying a home. First and foremost, pay close attention to your credit score. Set up direct debits to ensure you never miss a payment.

Keep monitoring your credit score regularly. If you spot any discrepancies or inaccuracies, address them promptly to avoid complications when exploring different mortgage products later on.

As mentioned earlier, it’s wise to kick off the remortgaging process six months ahead. This proactive approach prevents last-minute rushes and financial stress, ensuring a smooth transition without any unexpected hurdles.

What fees are associated with a remortgage?

With a product transfer, there’s no need for solicitors, and you won’t incur additional valuation fees. However, there may be product and broker fees involved.

In a standard remortgage, you’ll encounter broker and product fees. Since you’re switching lenders, you’ll require a solicitor to ensure all legal aspects are properly managed.

Many lenders offer free mortgage valuations and solicitor services or provide cashback to cover solicitor fees. Typically, the cost ranges from £250 to £400, depending on the lender and solicitor, significantly less than the fees associated with property purchases.

How can a mortgage broker help?

Similar to the standard mortgage process, if you’re considering approaching your usual bank for a remortgage, you’ll only have access to their specific rates and criteria.

Many individuals opt to stay with their current mortgage provider. However, just because they were the best option when you initially took out your fixed-rate mortgage, doesn’t mean they remain the best choice now.

Having a conversation with a broker like Lynton Mortgages will unveil alternative options available to you. It could potentially result in saving tens of thousands of pounds in interest over the long term. We might uncover a significantly cheaper rate compared to what’s offered by your current lender.

Keep in mind, there may be an early repayment charge to your existing lender if you choose to remortgage.


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