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It’s possible to remortgage any property that you own, either by switching deals with your current lender, or by moving to a new provider that can offer a better product, depending on what it is that you want to achieve.
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Benefits of a Remortgage Advice
There are various reasons why people choose to remortgage. One of the most common reasons is to find a better interest rate in order to save money with lower monthly repayments. This usually occurs once a contract ends, be it a fixed-rate or tracker mortgage, to avoid moving onto a lender’s standard variable rates (SVR) and thus higher payments each month.
Many people will also opt to refinance to raise capital. The loan you will be able to receive will typically depend on how you intend to spend the capital. For instance, you could be using it to pay off existing debts or make improvements to your property.
It could also be possible that you are exploring the options of either a let to buy property or perhaps downsizing. Both are viable reasons to begin exploring refinancing your property.
The best time to remortgage is usually going to be a point before your current mortgage deal ends and you move onto the SVR. The point where you will reach the variable rates will depend on the terms of your original agreement. It’s sensible to start exploring the market 3 months before the fixed-rate comes to an end. This is due to the fact that finding and settling on the right deal for you can take a significant period of time.
You should also consider whether you will incur any penalties for remortgaging, such as an early repayment charge (ERC).
Penalties can make remortgaging less financially beneficial. Your lender will be able to provide you with details on any issues here and ensure that you are able to make the right choice as it could be a different product is more suitable.
While you can remortgage at any time, this is not always advised due to the costs you can incur.
Remortgaging early
There is a limit on how early you can refinance. You must legally wait six months after purchasing the property. However, this can be waived in certain situations. For instance, the property could have been inherited.
You can break your fixed term deal in order to do so early, but you will need to consider the early repayment charge. If you’re considering doing this, speak to us first, as we’ll be able to advise you on whether it’s financially worthwhile to end your current deal early to move onto a better rate.
Remortgaging during Covid-19
These are quite unique circumstances that undoubtedly impacts our health, our day to day lives and our finances. During the current Coronavirus outbreak, circumstances change, with incomes changing, interest rates falling and house prices adjusting.
All these factors mean that it could be the right time to review your financial products, especially your mortgage. You may need a little more breathing room if things are a little tight and conversely, may be able to secure a better, longer term deal on a better interest rate.
You may also want to borrow more to consolidate other debts or even change the terms of the deal.
If you want to know more about your options, speak to us today. We specialise in helping people find the right residential finance for their situation.
Your home may be repossessed if you do not keep up repayments on your home.
There will be a fee for the advice given, the exact amount will depend upon your circumstances but we estimate it will be £495. Complex and sub-prime cases may attract a higher fee which will be typically no more than £695.
Podcast Summary
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“If I’ve got a deal expiring within the next six months, should I speak to a mortgage broker now or wait?”
Every single circumstance is different. So everything we do is about making sure we’re giving the right advice to each individual.
If anyone’s in the least bit unsure about their rate and when it’s ending, what they’ve got, what they should do, it’s the absolute perfect time to be speaking to a broker and getting that real personalised advice because everyone’s different, and everyone’s situation is different.
Just getting on the phone and talking it through with somebody who knows and understands the industry can really make a massive difference to people’s confidence and how they’re feeling.
“Practically, if we can help remortgage them and get them onto a rate that’s going save them some money or make sure they can pay off their mortgage quicker, or whatever it might be, then we’d love to have those conversations”
Joe Stallard
“Are you going to send me a bill for an initial phone call?”
We offer a free health check. We speak to some people when they first come to us and they don’t even know when their mortgage products are due to end. So if they can come to us with information about their mortgage account number and stuff like that, then we can actually speak to the lenders in most circumstances and find out that detail for them, these conversations are with no obligations.
“And we only charge our fees when we get a mortgage offer for people anyway. So, a phone call or email, whatever it is, isn’t going to end up with an invoice coming through the post for them”.
Joe Stallard
“What if I sit tight and do nothing?”
“I’m working with clients at the moment who are coming up to the end of their fixed mortgage product as it were. And, rather than letting that slip onto the standard variable rate for one particular client, who’s not even got a very big mortgage, he’s going to be avoiding an increase of £160 a month right there. That won’t be the same for everyone. But that’s a really important thing to note that, if you do nothing about it, then your payments are probably going to jump up and you get a bit of a shock from it.”
Joe Stallard
“I’ve got somebody wanting to stay with their existing lender and take a cheaper deal at less pounds per month. It seems the obvious thing to do. But when I actually asked a few questions, these guys wanted to move house next January. So if I was just going ahead without doing my job properly, they would have then signed into a deal, which will be a fixed rate deal for a couple of years without realising that come January, when they want to explore the marketplace, they will not be able to do that because they will be tied to one lender unless they pay a chunky fee to get out. So there are two absolute polar opposite cases, but both need careful advice.”
Mark Stallard
“What is the standard variable rate (SVR)?”
The best analogy to use for people is just no different in a way to Gas and Electric, you get a good deal with a particular energy company, you spend a little bit of time one evening, on one of those sites and you’ve got a nice deal. It happens. And then if you don’t put the renewal date in your diary that deal will eventually lapse, maybe it’s 18 months, maybe it’s two years, whatever, maybe it’s a year but it will lapse and you will go on to the ‘ordinary’ product which is often more expensive.
We normally call our clients five or six months beforehand just to warn them this is coming.
“Normally our clients say, ‘Oh, thank you for calling because if you hadn’t called, I would have just left my offer papers in the draw!”
That mortgage rate could have gone to maybe upper threes like 3.79% or 3.99% something like that.
When you look at the monthly payments it can be a big, big shock.
Mark Stallard
“What is the lender situation?”
“What Joe and I have at the moment is great access to over 60 lenders and what they’re doing.”
So one major lender today has shut its doors as far as helping out the brokers with advice and help. Another lender is not doing any evaluations for a number of weeks for obvious reasons. So, we know this stuff because it comes through on the wires all the time. So we have the knowledge that they’ve all got different rationale about different things.
Mark Stallard
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