best remortgage deals in swansea

Remortgage

Time to remortgage? Food for thought. 

Remortgaging is the process of taking out a new mortgage with a new lender and closing down your existing mortgage, essentially swapping lenders.

You may want to remortgage because your existing mortgage interest rate is due to change, or you may want to consolidate debt or increase borrowing for home improvements.

Whatever the reason, we will search through 1000’s of products.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME, YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

send enquiry

Remortgage

Time to remortgage? Food for thought. 

Remortgaging is the process of taking out a new mortgage with a new lender and closing down your existing mortgage, essentially swapping lenders.

You may want to remortgage because your existing mortgage interest rate is due to change, or you may want to consolidate debt or increase borrowing for home improvements.

Whatever the reason, we will search through 1000’s of products.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME, YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

send enquiry
best remortgage deals in swansea

WHY REMORTGAGE?

To Get a Lower Interest Rate

A common reason for remortgaging is to get a lower interest rate and lower monthly repayments. You may be coming to the end of an existing product and are due to go onto the higher Standard Variable Rate. You can avoid this by remortgaging to a new deal that could save you money each month.

To Consolidate Other Debts

Sometimes you may choose to remortgage and increase borrowing to repay other debts. You may choose to do this if the monthly repayments on the other borrowings are too high, or your income has decreased. Consolidating other debts over a longer period of time and lower interest rate can significantly reduce your monthly outgoings.

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you

For Home Improvements

You might choose to remortgage and increase borrowing if you want to raise money to pay for home improvements. Raising finance this way using the exisitng equity in your property could mean much lower monthly repayments than a standard loan.

To Raise Finance For a Large Expense

You may have a big expense on the horizon like your childs wedding, or to help with a deposit for their first home. It may be an option to raise this additional finance when remortgaging.

To Raise Finance to Buy Another Property

If you are thinking of a buying another property, you could use the equity in your existing home to raise a deposit or even to buy the property outright. 

Things to Consider

If you consolidate other debts onto your mortgage you may repay more interest overall. Consolidating debt with a remortgage can be helpful if you need to free up some monthly income. The lower interest rate and longer term can significantly reduce your monthly outgoings, but if you are paying this debt over a longer period of time then you may pay more interest overall in the long term.

If you remortgage before your existing deal comes to an end you could end up paying an Early Repayment Charge. However if you wait until your deal is coming to an end you can avoid this, We will check this for you when you contact us.

THE REMORTGAGE PROCESS

Get in touch with us. We will take a few details off you and get a better understanding of what you are looking for. Then we will go to work to find the best deal for you.

We will provide you with our recommendation and if you are happy, we can then proceed to get a Decision in Principle from our chosen lender. The Decision in Principle is a promise from the lender that you can have the mortgage, providing the information provided is correct and subject to a valuation of your property.

Once we have a Decision in Principle from the lender we can prepare an application to send to the lender. We will let you know what documentation we need from you to submit with the application. We aim to make the process as quick and simple as possible

Once submitted the lender will check your application and supporting documentation, verifying that all the information submitted is correct.

The lender will then instruct a valuation of your property for mortgage purposes. Quite often with a remortgage a lender will instruct a desk top valuation of the property as the property would likely have been inspected for significant problems when you first took out a mortgage.

Once the lender has received a satisfactory valuation report and is happy with the verification checks they have undertaken, it is now time to proceed to mortgage offer. The lender will now send you a mortgage offer, they will will also send a copy to us.

Following acceptance of your mortgage offer, you are nearly there. It is now down to your solicitor to arrange the legal transfer to your new lender.

Once all the documentation is in place your solicitor will set a date for completion. When this happens they will receive the mortgage funds from the new lender to pay of your previous mortgage balance. Your remortgage is now complete and any excess funds will be paid directly to you.

WHAT ELSE CAN WE HELP WITH?

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Conveyancing

We can introduce you to a solicitor that will take care of the legal aspects of the remortgage process. The Financial Conduct Authority do not regulate conveyancing activities’

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Home Insurance

We can review your current home insurance for free as part of the remortgage process. We can search the market for you to find a policy that best suits your current needs.

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Protection

We have a great selection of protection providers to choose from to protect you and your family. We offer advice on life insurance, critical illness cover and also protection for your income.

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Income Protection

In these uncertain times that we live in, an income protection policy can provide peace of mind. We can choose the best policy for you from a range of providers and we don’t charge a fee for our service.

REMORTGAGE FAQS

Yes, it is an option to remortgage before your current deal ends, however this may not be the best option if there are Early Repayment Charges to pay for ending the deal early.

Contact us so we can look at what is the best option for you. We could secure a deal for you many months before your deal ends and arrange with your solicitor to delay the start of this until your Early Repayment Charge period passes.

If you want to borrow additional funds when you remortgage, this may be a possibility providing there is sufficient equity in your property and it is affordable. Contact us and we will be able to tell you quickly if this is an option for you.

When you remortgage to pay off other debts, you will borrow additional funds above your existing mortgage amount so you can repay the other debts. When your remortgage completes, you will receive the additional funds directly, so you can then repay your other debt. This will mean that your mortgage balance has increased, but it is likely that you will greatly reduce your monthly outgoings. You could however pay more interest overall by extending this debt over a longer period of time.

When you remortgage with home improvements in mind, you will need to calculate the cost of the home improvements you wish to make. When you know this, providing there is equity in your property and it is affordable, you will borrow extra so you can repay your existing mortgage and raise the additional funds for your home improvements. Your solicitor will repay your previous lender and pay the aditional funds directly into your bank account.

Providing there is enough equity in your property and it is affordable then it is possible to raise additional funds when you remortgage to buy another property. Depending on your circumstances, this could be enough for a deposit on a new property or it could be enough to purchase the property outright. 

Yes it is very likely that you will save money every month if you switch. This is because in many cases a lenders SVR can be as much as 2% higher than some of the better introductory rates available.

Some lenders will provide free conveyancing services when you decide to switch to a new deal. If free conveyancing is not available or you wish to choose your own solicitor for another reason, then there will be a cost for the legal work involved. The cost however is likely to be much lower for a remortgage as it is a more straightforward process with no change of ownership.

Yes, you can add another borrower when remortgaging, the application and decision will be based on both applicants. You will need a solicitor to undertake the legal work of closing down the previous mortgage, starting up the new and updating the ownership details of the property. This may take a little bit longer to complete than a regular remortgage, but it is still a fairly straightforward process. Conversely, a borrower can also be removed when remortgaging.

A remortgage usually takes between 3 and 6 weeks to complete.