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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Mortgage rates to save you money
We're here to help you find the right remortgage deal, let us handle the mortgage search, application, and everything in between.
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Don’t waste your valuable time researching remortgage rates and completing lengthy application forms. We’ll take care of it for you.
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Save money on your remortgage with better rates and lower application fees, it could mean big savings on your monthly payments.
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remortgage advice
Ready to remortgage?
Let us take the hassle out of finding the right remortgage rates. We'll do the hard work, finding the remortgage rates and handling all the paperwork. It's time to save money and simplify your life
Remortgaging can be a great way to save money on your monthly mortgage payments. You can typically remortgage at any time, but it’s important to be aware of potential early repayment fees if you’re still within your fixed rate term.
Common reasons why you may want to remortgage:
- Lower Interest Mortgage Rates: If your current interest rate is higher than what’s currently available, refinancing to a fixed-rate or tracker mortgage could save you a significant amount.
- Improved Loan-to-Value (LTV): As your home’s value increases and you pay off your mortgage, your LTV decreases. This can make you eligible for lower mortgage interest rates and monthly payments.
Fixed rate mortgages:
When you get a fixed-rate mortgage, your monthly payments will remain the same no matter what happens with interest rates. There are various fixed-rate periods, including 2, 3, and 5 years.
Tracker mortgages:
As the Bank of England’s Base Rate rises or falls, tracker mortgages follow it. An agreed margin is added to the Bank of England’s Base Rate to calculate the interest rate. A ‘lifetime’ tracker is for the life of the mortgage, and a ‘term’ tracker is for a period of two or three years.
Standard variable rate (SVR) mortgages:
A SVR is the rate of interest charged once a fixed rate or term tracker period ends. Instead of switching to a SVR, you can usually move to another fixed or tracker product.
When you get a mortgage, you’ll need to decide how you want to pay it back. There are two main options: capital repayment and interest-only. Let’s break down what each one means:
Capital Repayment Mortgage
Every month, you pay both the interest on your loan and a part of the original amount you borrowed. Its almost like paying off a debt or like paying off a credit card. The good thing is your mortgage balance gets smaller over time, and you own more of your home.
Interest-Only Mortgage
Each month, you only pay the interest on your loan. The original mortgage loan stays the same, think of it as renting your home from the bank. You’ll need a plan to repay the full amount at the end of the mortgage term. This is often done by investing in other assets.
What is it?
A remortgage is the process of refinancing your existing mortgage with a new one. This can involve changing the terms of your loan, such as the mortgage interest rate, repayment term, or loan amount..
Why remortgage?
There are many reasons to consider a remortgage,maybe your current mortgage rate is coming to an end or perhaps one of the following:
- Lower interest rate
- Debt consolidation
- Releasing equity
- Changing the repayment term
Remortgage fees
Common remortgage costs can include:
- Arrangement fees
- Valuation fees
- Legal fees
- Early repayment charges (ERC)
Who's it for?
A remortgage can be a good option for anyone who has a mortgage on their current property and is looking to lower their monthly mortgage payments, change your mortgage term or release equity.
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Can I get a remortgage
If you need help to find the right remortgage rates, lets see if we can help. Our mortgage advisers are here to guide you every step of the way. We'll help you
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Find the right mortgage Discover exclusive remortgage rates and personalised advice tailored to your unique financial situation.
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Simplify the process Let us handle the paperwork and negotiations, so you can focus on how to spend the money you saved.
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Ensure mortgage affordability: We'll make sure you qualify for a mortgage you can comfortably afford, giving you peace of mind.
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How do I remortgage?
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Your remortgage questions
Here are some questions you can ask your mortgage adviser:
- How much can I borrow?
- What type of mortgage is best for me?
- What are the interest rates and fees?
- What are the monthly repayments?
- What happens if I can’t afford to make my repayments?
- What are the pros and cons of different mortgage products?
Fixed-rate mortgages: With a fixed-rate mortgage, your interest rate will stay the same for the entire term of the mortgage. This can provide peace of mind, as you know exactly what your monthly payments will be. However, if interest rates rise, you will not benefit from the lower rates.
Variable-rate mortgages: With a variable-rate mortgage, your interest rate will fluctuate based on the Bank of England base rate. This means that your monthly payments may go up or down, depending on the market. However, if interest rates fall, you will benefit from the lower rates.
Tracker mortgages: A tracker mortgage is a type of variable-rate mortgage that tracks the Bank of England base rate. This means that your interest rate will always be a certain percentage above the base rate.
Discounted mortgages: A discounted mortgage is a type of variable-rate mortgage that is offered at a discount to the lender’s standard variable rate (SVR). This means that your interest rate will be lower than the SVR, but it may still fluctuate.
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Your first meeting with a GHL Direct mortgage adviser is at no cost to you and doesn't commit you to anything. We'll chat about your mortgage goals and see how we can help.
Other costs associated with remortgaging typically include valuation fees, legal fees, and arrangement fees.