Mortgages

Remortgage Advice

Get the right remortgage advice

You’d shop around for the best deal on your car insurance or mobile phone contract, so why wouldn’t you do the same for possibly the biggest investment you’ll make in your life – your mortgage? Sticking with your current lender may seem the least hassle but is it the right thing to do?

There are plenty of good reasons to consider remortgaging your property. Perhaps your current deal is coming to an end and you’re about to get a run-of-the-mill standard variable rate dumped on you?

Perhaps your property value has rocketed and you’re now eligible for a lower rate, or your circumstances have changed and you wish to switch from interest-only to a repayment mortgage? Or maybe you need to borrow for a wedding or to make home improvements?

Remortgaging provides another mortgage on your existing property, either to get a better mortgage deal, or because you want to borrow money against your property.

Whatever your reasons, remortgaging can save you a large amount of money, but don’t switch for the sake of it. If your remaining mortgage is small the additional fees may not make the change worth it, you may already be on the best deal, or maybe your credit score has gone down since taking out your last mortgage. There are so many things to think about. Call one of our advisors today to discuss your options.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

Why Remortgage?

New Deals

New products and deals are constantly flooding the market. You’d shop around for a new mobile phone contract or your car insurance – why wouldn’t you do the same for your mortgage? Significant monthly savings could be made.

Your Circumstance May Of Changed

Perhaps you want to go travelling for a year or go to university? You may wish to switch to a more flexible mortgage that will let you take payment holidays. Or maybe you want to switch from interest-only to a repayment mortgage? If your life circumstances change – your mortgage should too.

To Raise Capital

If you want to raise capital, for example, to fund a property refurbishment or buy a car, and there’s sufficient equity in your property, the majority of lenders will happily assist providing you meet the usual lending requirements.

Remortgaging F.A.Q.s

What is a remortgage?

A remortgage is where you end your mortgage with your current provider and take out a new mortgage with a different lender.

How does remortgaging work?

It works by taking out a mortgage for your existing property with a new lender, and using the proceeds to pay off your original mortgage.

If you want to, when you take out your new mortgage you may be able to borrow more money at the same time, for example to pay for home improvements.

Why should I remortgage?

Remortgage to save money

For lots of people in the UK, their mortgage is their largest monthly outgoing. So even a small change in the interest rate being paid could result in significant savings. Checking out deals from lenders other than your current provider could help you save money on your mortgage.

If the value of your property has gone up since you took out or last made a change to your mortgage, then the loan-to-value of your property may have reduced. This could mean you’re eligible for a lower rate than you’re currently on.

Remortgage for flexibility

We live in changing times, so you may want a mortgage that gives you the flexibility you need to help you through life’s ups and downs.

Can I ask to borrow more, if I need to?

Yes, you can ask to borrow more for home improvements, as an example, or another important purchase. Or, if you’re looking to save on your monthly payments or the total cost of borrowing, you could combine your existing debts, like credit cards and loans into one easy-to-manage monthly payment. If you’ve already borrowed against your mortgage to combine your existing debts within the last 5 years, we won’t be able to offer extra borrowing to pay off your debts again.

Before we give you an answer we’ll need to find out how much equity you have in your home and look at your other outgoings. You should consider your other options before you borrow any extra money against your home. It will increase your total mortgage debt and your home could be at risk if you fall behind on your payments. If you are looking to combine your existing debts, we can help you to decide whether adding them onto your mortgage is appropriate for you.

Think carefully before securing other debts against your home

What costs are involved in remortgaging?

Depending on the mortgage product, there may be a product fee to pay. You’ll need to check our current rates for full details. Any product fees can be added on to your mortgage on completion.

There could be other charges and standard costs which you may have to pay during the course of setting up your mortgage. You’ll be charged interest on any fees, charges and standard costs added to your loan, unless we tell you otherwise.

What happens at the end of my mortgage deal?

When you take out your mortgage, you arrange to have a fixed or variable rate product for a period of time.

At the end of this time, the product will end and your loan will usually be transferred to one of our lender variable rates. At this point, you may choose to move it to a new product for a further period of time.

Woodhall Mortgages

Croft Myl

W Parade

Halifax

HX6 2EQ

Call us: 01422 354011

info@woodhallmortgages.co.uk