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Remortgaging Your Home?

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Remortgaging is when you move your mortgage from one lender to another, all whilst remaining in the same property. There are many different reasons as to why people consider remortgaging a home … here is a short guide to help you decide if it is right for you.🏡

Is now the time to remortgage?

We would definitely recommend checking for the latest offers if your current mortgage is due to come to an end or has already moved over to a follow-on rate. If your property is now worth more than what you originally paid for it, your loan-to-value ratio may have changed which means you would have access to more deals.

Remortgaging can also aid in helping you raise the funds for home renovations or special goods, just make sure you are confident you will be able to afford the remaining extra amount of the full mortgage term. If you are considering consolidating other debts, make sure to get in touch with a financial advisor and take any financial advice available.

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Getting ready to remortgage

The remortgaging process usually takes between 4-8 weeks. For the majority of applications, you will need to speak to the lender’s mortgage advisors who will advise you on the best deal to suit your requirements.

Before you do decide on remortgaging here are 5 questions you should ask yourself:

  • Can you afford to leave your current mortgage?
  • What exactly do you want from a new mortgage?
  • What’s your credit score looking like?
  • How much can you borrow?
  • What deals are available?

If you don’t currently have a mortgage advisor and want to know more, why not speak to a member of our Financial Services team today!

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