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When it comes to mortgages staying with the same provider can lead to higher prices as the fixed rate period ends and the variable rate begins. Therefore, changing providers regularly whilst in the fixed rate period can save a lot of money. Taking the time to shop around for the best deal is highly recommended! Once you have decided which provider you would like to use the remortgaging process can begin.
If you are looking to find the best deal, visit comparison websites as they allow you to take a broad look at which providers, offers and rates are best for you.
A remortgage is the transfer of your mortgage from one lender to another, or from a pre-existing deal to a new deal, provided by your current mortgage provider.
Remortgaging is not for everyone. For example, some people are happy with their current lender and don’t mind paying the extra costs or simply don’t have the time to look elsewhere.
However, you may want to remortgage if:
To get the best deal we strongly recommended researching your options as early as possible. Lenders will often give you an expiry date as to when their deal will end however, bear in mind that lenders can withdraw the offer at any point.
Remember your credit score will influence lenders decisions as to whether or not to offer you a mortgage. Therefore, it is advisable not to buy any expensive items on credit cards until after you have remortgaged.
It’s very important to make sure that there aren’t any hidden costs or early redemption charges that may cost more than your savings.
Your conveyancer will let you know when your remortgage has been successfully completed and you should also get a confirmation from your new lender. Any surplus amount will then be sent to you and after completion the Land Registry will be informed of the details of your new mortgage.
09 Jul 2018
City Gate House
11 St Margaret's Way
0116 266 5394Get a quote
EHL Conveyancing Limited is registered in England and Wales with company number 11074606 having its registered office at City Gate House, St Margaret’s Way, Leicester, LE1 3EA. EHL Conveyancing Limited is regulated by the CLC under practice number 3464.
Opening Hours Monday to Friday 9am – 5pm.