News

This is a question we are often asked.  Remortgaging means switching your current mortgage to another mortgage deal, whether it is with your existing lender or an alternative lender.  Many people do this when their existing deal is coming to an end.

There are many reasons you may wish to remortgage, we have listed a selection below:

1) With the increase to the Bank of England base rate, if you are currently on a variable rate or a tracker mortgage your monthly payment will increase.  This increase may be a concern and you may be looking for a period where you have fixed stability and certainty of what your mortgage payments are.

2) If your current mortgage deal is due to end, it is really important to see if there is a new deal to avoid sliding onto a lenders variable rate, which is often more expensive.

3) You may want to increase your borrowing, maybe for a home improvement project, to consolidate debts or to get a deposit for an investment property, like a buy to let.

4) With cost of living prices increasing, you may simply just want a review to establish if you can secure a cheaper monthly payment.

5) You may have changed the occupancy of your home, for example, perhaps you now let it out as a buy to let or a holiday let and are on the wrong mortgage.

Many remortgage deals have no product fee’s and offer free legal and free valuations.

Based on your individual circumstances we will advise whether remortgaging is the right thing for you to do.  If you have a residential or buy to let mortgage, why not dig out your paperwork and have a preliminary chat with one of our specialist team members?

You can contact us or visit one of our offices in Dalston, Dumfries, Penrith or Workington.