A Remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity.
The full range of mortgage products are available for a remortgage with some remortgage lenders offering special remortgage packages.
The remortgage market is very competitive with many lenders offering free valuation and legal fees to you to make the switch hassle fee. Many Lenders offer these free remortgage schemes on exclusive products via mortgage brokers.
Remortgaging your mortgage to a new mortgage lender usually takes one month to complete from start to finish, although this can be done in a shorter period if the remortgage is urgent.
Some of the more common reasons for a remortgage include:
- to get a better mortgage rate in order to reduce monthly outgoings
- to consolidate debt, such as outstanding credit card balances
- to meet home improvement costs, such as a new extension
- to finance a business loan
When deciding on a remortgage you should take into account a number of potential costs that you may incur as a result of the remortgage.
- Legal Fees
- Valuation Fees
- Arrangement Fees
- Solicitor Fees
- Dead Release Fees
- Telegraphic Transferee Fees
- Early Redemption Penalties
- Mortgage Indemnity Guarantee
The good news is that no stamp duty is payable on a remortgage.
Do you want Fee Free Remortgage Advice?
After looking through the re mortgage schemes if you would like remortgage advice, complete our mortgage enquiry form and we will contact you to discuses your mortgage requirements. We normally do not charge a fee for mortgage advice, however a fee paying option is available. Our typical fee would be £500
You may also be interested in:
- Mortgage Protection Insurance
- Best Fixed Rate Remortgage
- Best Discount Variable Remortgage
- Best Cash Back Remortgage
- Which Remortgage Type is Right For me ?
- Fee Free Refinance mortgage Advice
If you would like to speak to a professional remortgage advisor without obligation, please complete our remortgage enquiry form.
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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We normally do not charge a fee for mortgage advice, however a fee paying option is available. Our typical fee would be £500