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Remortgage Advice

Remortgaging is a popular way to make savings on your monthly mortgage payments or raise funds quickly. Whether you want a better deal, fresh terms or to borrow more money, we’ll help you make the switch with ease.

Our expert remortgage advisers will ensure you get the right rate on your new mortgage, so you can be sure your updated repayments meet your current financial goals.

Delivering a personalised service, our experienced remortgage consultants will search hundreds of mortgage products until they find the right match for you. We’ll support you through the entire process to ensure your remortgaging journey is as simple and quick as possible.

Call one of our expert mortgage brokers today for all the remortgage advice you need on: 0345 066 6555 or drop in to see us in Birmingham at Coleshill Road.

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Remortgaging Explained

What is remortgaging?

If your current mortgage deal is coming to an end and you want to find lower monthly repayments or more suitable terms, you may want to remortgage your home. Owners often choose to do this because they are currently paying high costs on a fixed rate mortgage or want to release some equity for other financial means.

With a more favourable interest rate on a new mortgage, when you switch deals, you’ll be able to pay off your existing mortgage and make savings on your monthly repayments.

When should you remortgage?

Remortgaging could deliver financial benefits if:

  • the value of your home has increased significantly.
  • your existing mortgage is about to end.
  • you want to get a more favourable interest rate.
  • you want to borrow a larger sum.
  • you want a mortgage with more flexible payment terms.

Remortgaging might not be the best option if:

  • your existing mortgage is only small.
  • your financial situation has changed since you obtained your mortgage.
  • the value of your home is lower than before.
  • you’ll face costly early repayment penalties.
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How to Remortgage

How much can you borrow?

The amount you can borrow will make a huge difference to the degree of savings you’ll make on your monthly repayments. To calculate how much you can borrow, research how much your home is currently worth. Deduct the total of your remaining mortgage from the current value of your home, and you’ll be left with the amount of equity you own.

You could use the equity to lower the amount you need to borrow or to obtain a mortgage for a higher sum than you need, so you use the excess funds for something else.

Do you have enough equity in the property?

You’ll need to have built up a substantial amount of equity if you want to remortgage successfully. Mortgage lenders assess loan rates in increments of 5%. The loan to property value ratio for your home should drop by at least 5%, ideally more, for you to obtain the savings you want.

Talk to our trusted remortgage consultants in Birmingham today for the expert remortgage advice you need, tailored to your personal financial situation. Call us to discuss all your best options on: 0345 066 6555

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Types of Remortgages

Repayment or interest-only mortgages

At the end of your mortgage terms, with a repayment mortgage, the total amount you originally borrowed plus the interest accrued will be fully paid off. If you choose an interest-only mortgage, the monthly repayments may be lower, but you will only have paid off the interest on your mortgage once your mortgage terms finish.

Flexible or non-flexible mortgages

For flexibility in how much you pay each month, you may want to consider a flexible mortgage which could allow you to take payment holidays, make overpayments or underpayments when you need.

Our experienced remortgage advisers in Birmingham will support you through the entire process and help you get the right remortgage deal for your financial situation. Call us today on: 0345 066 6555 or drop in to see us at Coleshill Road, Birmingham.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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Frequently asked questions...

I need to re-mortgage to buy out a former partner. Can you help?

Yes, we have a lot of experience in dealing with these types of situations and are fully aware this can be a difficult time. We will review your situation and advise you on the best way forward. We offer guidance every step of the way throughout the transaction.

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How much can I borrow for my new mortgage?

How much you can borrow is down to your individual affordability, taking into account your income and outgoings. Lenders will also look at your credit score and any financial commitments you currently have. Our mortgage brokers will always advise you on the lender(s) who can offer you the most suitable and affordable mortgages.

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My house has increased in value. Can I increase the borrowing on my mortgage?

Yes, this is known as releasing equity, but your lender will need to make sure it fits their affordability and credit scoring criteria. This can be achieved in a number of ways, but the two most popular are:

A further advance is where you are looking to borrow more money from your current mortgage lender. This is typically at a different rate to your main mortgage. This route can make sense if your lender's further advance is competitive or your existing mortgage provider has high early repayment charges.

A re-mortgage is a popular way to make savings on your monthly mortgage payments or raise funds quickly. Whether you want a better deal, fresh terms or to borrow more money, we’ll help you make the switch with ease.

Whatever the chosen outcome, our expert mortgage brokers will ensure you get the best rate on your new mortgage, so you can be sure your new repayments meet your current financial goals.

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