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How can using a remortgage help me?

bridging blog

Is remortgaging a good idea? What is the purpose of remortgaging and how does it work?

If you are thinking about remortgaging, which essentially means paying off your current mortgage with a new one. This gives you the possibility to take advantage of the current low interest rates or swap to a fixed rate mortgage so that you know exactly what you will be paying each month.

It’s often a good idea to speak to an independent mortgage advisor who really knows the market as they will understand the best deals around, the potential pitfalls like expensive arrangements or valuation fees. They will also be in touch with a large market of potential lenders and can find the most suitable solution and provide you with options based on your needs and are not tied to any particular lender giving them a wider market to find you a perfect solution.

One of the best reasons to remortgage is because it can save you money, especially if you switch to a deal with a low interest rate. Many people remortgage because their current deal is coming to an end and when a fixed rate expires, you automatically switch to the lenders standard variable rate, which is adjusted by the Bank of England, which means if the rate goes up, so will your cost.

Remortgaging can also be a means of freeing up funds for an extension, a wedding . It is also important to check whether your existing mortgage has an early repayment charge.

Just as it is more difficult to get a mortgage nowadays, a remortgage can be difficult to get which is where an independent mortgage broker can save you thousands, a lot of time and effort and find you the best deals available to you.

How can we help?

Try Financial is an independent mortgage broker, offering advise and finding tailored solutions to suit you. For more information, get in touch with us on 01473 462288 or enquiries@tryfinancial.co.uk.