Remortgages

Expert Advice For Remortgage Seekers

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If you are interested in finding the best deal for you, I imagine you are used to shopping around. Well, why not do that for your mortgage?

Essentially, remortgaging is when an individual takes out a new mortgage on a property they already own. This can be done with their existing lender or a new one. Does remortgaging sound like something you’d be interested in? Well then, you’ve come to the right place.

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Why Choose to Remortgage?

There are many reasons as to why a homeowner would choose to remortgage such as:

- Reduce monthly payments by extending their mortgage term
- Find a better deal
- Pay off their mortgage sooner

We are here to help you with remortgaging for a plethora of reasons. This includes if you are trying to raise a large sum of money, consolidate debts or to pay for an extension to your existing home rather than having to move.

You have us as professional advisors to help you navigate a remortgage as there are a few things to think about first.

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Our advisors are just a phone call away for any queries or advice.

When Can You Remortgage? 

 

You can remortgage at any time. However, ideally, you should start looking at your options three to six months before your current deal ends. If you’re not at the end of your fixed rate term, you may have to pay an early repayment charge. 

 

Is Remortgaging Possible for Everyone?

 

If the following applies to you then remortgaging may not be your best option: 

  • – You’re tied into an existing deal
  • – Your financial status has worsened
  • – The value of your property has fallen

 

How Long Does Remortgaging Take?

 

There is no set time. However, it generally takes between 4-8 weeks after you’ve applied. 

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    How Does Remortgaging Work?

    Remortgaging is a fairly simple process with the help of our experts at Bespoke Home Finance. However, it depends on whether you stick with your current lender or switch to a new one. 

     

    Sticking With Your Current Lender

     

    Transferring from one mortgage to another with the same lender is usually straightforward as your current lender knows everything about you and your property. There won’t be any added legal work or fees involved. You simply move onto a new deal with the same lender on the fixed-term start date and you begin paying your new monthly fee.

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    Switching to a New Lender

     

    If you are planning on switching to a new lender, things can get a bit trickier. Similar to your first mortgage, you will need to provide up-to-date personal and financial information such as proof of income, documents related to outstanding loans, etc. 

    Your new lender will check your credit history to confirm everything is correct and then arrange a property valuation.

    You may need to hire a conveyancing solicitor to handle all documents pertaining to this, although many remortgage deals offer free property valuation and legal work. 

    We are here to guide you through the process to ensure that you get the best deal possible.

    With our team and their years of experience in the industry, we can secure better rates than most. For every remortgaging opportunity, speak to our team today. 

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    Advice From Bespoke Home Finance

     If you are looking for trustworthy and professional advice to guide you every step of the way, then look no further than Bespoke Home Finance. 

    If you are looking to remortgage, call us today on 03301112477 or fill in a contact form. 

    We look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours. Based in Scotland, we offer our mortgage services in Edinburgh, Glasgow, Scotland and all across the UK too!

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