Your Guide to Re-Mortgaging
There are plenty of good reasons to remortgage. You may want to benefit from a better rate, or perhaps you may want to raise additional funds. Here we look at the pros and cons of remortgaging, and what to do if you would like to pursue this option.
When should you remortgage?
There can be several reasons to re-mortgage, These may be:-
- you are coming to the end of your current deal
- you are paying your lender’s standard variable rate
- you wish to raise more capital against the equity in your home, eg, to build an extension.
If any of these apply it may be a good time to start thinking about remortgaging. We set out below the steps:-
1. Check out your mortgage options
There are a number of mortgage and repayment options available. Contact us for a free initial mortgage consultation where we can take you through these.
We will ensure that the savings outweigh the costs as there may be fees and charges involved in remortgaging.
We will provide you with your mortgage quote Key Facts Illustration for your chosen mortgage – this will tell you everything you need to know when making your decision.
2. Apply for your mortgage.
- a) We will use our specialised individual mortgage programme to find you the most suitable mortgage product available.
- b) We will provide you with your mortgage quote Key Facts Illustration for your chosen mortgage – this will tell you everything you need to know when making your decision.
- c) We will then apply for the mortgage on your behalf.
3. Obtain a property survey and valuation
The mortgage lender will require a standard Valuation for remortgage purposes to be carried out by a surveyor of their choice. This will usually be free of charge but we will advise you should there be any cost for the valuation.
4. Sort out your mortgage protection and insurance
As you are remortgaging you will need to review any existing mortgage protection as this may no longer be suitable for your needs. We can provide mortgage protection, family protection, buildings and contents insurance and as Independent Financial Advisers we can find you the best deals available.
5. Legal work
The mortgage provider will usually arrange all the legal work regarding the re-mortgage free of charge and you will be sent documents for signature direct from their chosen solicitor. All legal work is usually free of charge with a re-mortgage but we will advise you should there be any costs.
6. Completion
The re-mortgage will complete on the day of your choice. Once all the legal work has been completed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Services Authority does not regulate Conveyancing / Legal Services.
You can visit our sister company website to obtain some information regarding the tax situation.
For more information on re-mortgaging contact Kate Beale on:
Tel: 01206 871120
Email: kate@bgafs.co.uk
Our Current Campaign
Are you paying too much for protection?
Submit your details today for a FREE, no obligation, life cover check.
We will tell you whether you can save money.
