News

A proactive approach can help you switch to another deal seamlessly.

Remortgaging is switching from one mortgage to another on a property you already own.  This could involve negotiating a new deal with your current lender or moving to a different lender.

It is wise to review your mortgage to ensure you are getting the most competitive deal.  You can review your mortgage 6 months prior to your current deal ending, which gives you ample time to explore other options and complete your remortgage application.

Things to consider:

• Is remortgaging the right move for you?  Your current mortgage deal may be nearing its end, and you’re facing the prospect of being put onto your lender’s standard variable rate (SVR), which generally entails a much higher interest rate.
• Your property’s value may have increased, and your loan amount may have decreased, which could allow you to qualify for a more competitive mortgage rate due to a lower loan-to-value (LTV) ratio.
• Future-proofing your finances.  Perhaps your circumstances have changed, and you wish to make changes to the term or you may wish to borrow more for home improvements/ capital raising.

If you are looking for guidance to help you navigate the possibility of remortgaging or would like a reminder 6 months before your mortgage deal end date don’t hesitate to get in touch.

Contact our Mortgage Team on 01228 711888 or 01387 270340 or email mortgageteam@davidallen-ifa.co.uk