If you already have a mortgage, you’ve probably heard the term remortgaging – but what does it actually mean, and how do you know if it’s the right move for you?
In this YouTube video, we break down exactly what remortgaging involves, when you might consider it, and how the process works step-by-step.
So, what is remortgaging?
Remortgaging simply means switching your existing mortgage to a new one. This might be with your current lender or a new lender altogether. You’re not moving house – you’re just reviewing your current mortgage deal to make sure it still suits your needs.
There are many reasons people choose to remortgage. Some of the most common include:
- Your current deal is ending soon
- You want a better rate to save money on monthly payments
- You’re looking to borrow more for home improvements or other large expenses
- You want to switch to a mortgage that offers more flexibility or different features
Whatever your reason, the goal is the same – making sure your mortgage is working for you, not the other way around.
How does remortgaging work?
The process typically starts around six months before your current deal ends. This is the time to review your options and explore whether staying with your existing lender or moving elsewhere offers you the best value.
As your broker, we’ll help you:
- Review your current mortgage
- Compare new deals across the market
- Understand the fees involved (like exit fees or product fees)
- Navigate the application process with ease
Once a new mortgage is secured, the funds from the new lender are used to pay off your current mortgage, and your new deal begins. It can be surprisingly straightforward – and with the right guidance, it can also be a great opportunity to save money and feel more in control of your finances.
Is remortgaging right for you?
Everyone’s situation is different. That’s why it helps to talk it through with someone who can look at your full picture and help you decide what’s best for you long-term. We’re here to make that conversation as simple and stress-free as possible.
If your current deal is coming to an end, or you just want to check you’re still on the right mortgage for your needs, get in touch with us today.
In the meantime, be sure to watch the full video for more:
Header Photo by Max Vakhtbovycn / Pexels