What is a Remortgage?

Put simply, a remortgage is taking out a new mortgage deal on your current property.

You have two options when it comes to remortgaging – either you go through a product transfer with your existing lender, or you can switch to a new mortgage provider, which hopefully can save you money.

When you current deal comes to an end and you do nothing  you will simply revert to the lenders standard variable rate, this invariably will be a higher rate of interest than you have been on, however this might suit you if you plan to move in the near future.

Here at AIW Mortgages we can work out which option will suit your needs!

We would normally advise you to get in touch with us around 6 months prior to your current mortgage deal ending to allow sufficient time to get the new applications processed.

There are a few other good reasons why you may want to remortgage-

  • You may want to raise some additional monies to do those home improvements you had been thinking about!
  • You may want to pay off some outstanding debts.
  • You may want money to help your children with a deposit.
  • Or you may simply want to amend the term of your mortgage and pay off your mortgage quicker.

Lenders will often offer attractive deals to lure you away from your current lender, this may include covering all the legals fees and/or providing you with cash back.

see disclaimer about my fees

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Let me do all the hard work and find the right deal for you. Get in touch now!

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