Re-mortgaging Tips

Re-mortgaging Tips

Top reasons why you may be considering re-mortgaging your home:

  • Get a lower interest rate, as your current fixed rate is coming to an end
  • Additional borrowing for renovation project
  • To consolidate debts from loans and credit cards
  • Release equity to help your child with university costs or to buy their first home

Get Started Early

It is best to start the whole re-mortgage process early, even if you are currently locked into a deal. Our advisers would suggest starting the process 4 months before your existing fixed rate deal comes to an end to ensure your monthly mortgage cost doesnít jump substantially. It is also important to check with your adviser however, as switching too early could also incur an early repayment charge.

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Monitor Your Credit Score

Ensure your credit file is as good as it can be, before you start looking to re-mortgage as if you move lenders, they will check your credit score and this may restrict the number of lenders available to you

Donít Guess

Find out exactly how much you owe on your existing mortgage. You should have your latest annual mortgage statement in preparation for your review. Donít worry if you havenít as you can contact your lender and they are obliged to tell you. Give this figure to your adviser as they will need it to take the right course of action.

Your local Mortgage Shop adviser will assess your need to determine whether a full re-mortgage or a rate swap with your current lender is the best course of action for you. Regardless of the outcome, the adviser will ensure the process is as smooth as possible by completing all paperwork and keeping you fully informed throughout the process

You Talk - We Listen

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What People Are Saying