Remortgage

Remortgaging is where you pay off your existing mortgage and normally switch to another lender.

Most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current mortgage provider, therefore you could potentially get a new deal which may have a lower interest rate with another lender. Another example is when you may need to remortgage to consolidate debts. Whatever you are doing, it is a good idea to get good impartial advice.

WHAT TO WATCH OUT FOR

It is worth noting that a remortgage is not always the best option. Even if the lender you are considering switching to is offering on the face of it, a lower interest rate, you must take into consideration all the associated legal, valuation and administration costs.

Before you switch it is essential to check and compare the costs of your existing providers with potential new ones.

• The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
• If you switch mortgage remember to look at the overall cost over the repayment period. You may pay less monthly but that is not the whole story.
• You may have to pay an early repayment charge to your existing lender if you remortgage.

Also, you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. We will be able to assess the alternative options open to you.

Our standard residential fees are as follows:

For assessing your needs, conducting research, and providing a recommendation, we charge a fee of £799, payable upon completion of your mortgage. Returning clients benefit from a reduced fee of £399, reflecting the lower workload in securing a new mortgage deal.

If you decide to proceed with our recommendation and the mortgage completes, we will also receive a commission from the lender for arranging it on your behalf.