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Home » Mortgages » Remortgages

What is remortgaging?

In short, remortgaging is the process of sourcing a new mortgage deal to replace an existing one.

When remortgaging it’s often best to shop around, as you may find better remortgage deals elsewhere, in fact, as whole of market mortgage advisers, we can compare a huge range of offers for you. However, in some circumstances sticking with your current lender can have its advantages too, either way, it’s beneficial to seek expert advice.

 

The Personal Approach To Your Mortgage

With a Mortgage Experience adviser on your team, you can sit back, relax, and make yourself a cuppa, safe in the knowledge that we will be doing all the heavy lifting to find you a suitable mortgage with the best rates available. This gives you more time to pack, and well, do the actual physical heavy lifting (should you wish) as you move into and enjoy your new home or the financial benefits of your remortgage.

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What are the benefits of remortgaging?   

There are often many benefits to remortgaging which can include:

  • Finding a better rate (paying less interest)
  • Reducing your monthly payments
  • Debt consolidation
  • Reduce your mortgage term (length of mortgage)

These are just some of the benefits – are advisers will be able to assess your unique situation and advise you on how you could benefit too.

What is LTV and how does it impact remortgage deals?

Loan-to-value commonly referred to as LTV is the size of your mortgage compared to the value of your property.

For example, if your property is worth £200k, and you have £150k remaining on your current mortgage, then your LTV is 75%.

Typically the lower the LTV the better the deals.

How can I unlock equity in my home when remortgaging?   

When you first took out your mortgage it would have been based on the value of your home at that time. With house prices in the UK generally increasing over the years, there is a good chance that your property has increased in value.

With house prices on the rise, you will likely have more equity in your home (reflected in the increase in valuation). But, how do you unlock that if you don’t want to sell?

You can unlock equity in your home (also known as equity release), which is essentially borrowing against the increased property value, and pocketing the difference in the process. As always, it’s best to seek professional advice when remortgaging.

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