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We get your remortgage

There are many reasons why you might decide to remortgage. Many of us want to save money or shorten our mortgage term. Perhaps you want to switch to a better rate, or maybe your fixed rate is coming up for renewal? Whatever the reason, our remortgage advisors will help you understand how remortgaging works and whether now is a good time to do it.

We aim to save you time, hassle, and hopefully money too. Our remortgage advisors are very flexible and offer appointments over the phone, via video call or face to face from 8am – 7pm. Book now to get your remortgage quote, it takes just 30 seconds.

Why choose us

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Expert advice in 3 simple steps

01.
Book a fee free call

It takes less than 30 seconds to schedule a meeting with a remortgage advisor, all from the comfort of your own home.

02.
We'll call you back

Find out what you can borrow and how much mortgage you can comfortably afford on a remortgage deal.

03.
And guide you through

With a friendly, knowledgeable remortgage advisor at your side, we will guide you every step of the way.

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Mortgage options explained

It is possible to remortgage at any time. It’s possible that you’ll have to pay an early repayment fee if you haven’t reached the end of your fixed or discount rate term.

One of the big reasons people remortgage is to save money on their monthly payments. If you’re on a standard variable rate that is higher than the fixed-rate deals currently available, you could save by switching – either to a fixed-rate mortgage or one that ‘tracks’ the Bank of England’s base rate.

If your home has gone up in value and you’ve paid off enough of your mortgage to give you a lower loan-to-value, it means you own more of your home and have less to pay off. Remortgaging could result in lower monthly mortgage payments because you’re paying off less of a loan amount (and in turn, less interest on it too).

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.

A mortgage commonly comes with two payment options, capital repayment and interest-only. It is imperative to carefully consider these options.

What is a capital repayment mortgage?
A capital repayment mortgage includes both capital repayments and interest payments each month. If you use this repayment method, your mortgage will be fully repaid at the end of the term.

What is an interest-only mortgage?
When you have an interest-only mortgage, your monthly payment covers only the interest on your loan, so your capital debt doesn’t decrease over time. Lenders will want to see evidence that you will be able to repay the debt in the future. Buying to let is often done with an interest-only mortgage.

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How does a remortgage work

People remortgage for many different reasons, including moving to a lender that offers a better fixed-rate of interest. If you are coming to the end of your current deal’s fixed term, it’s worth shopping around and seeking some advice from an expert.
  • Do remortgage applications take long?

    The process can take between four to eight weeks from the time you apply so it’s good to start planning early. If you’re coming to the end of a fixed-rate or tracker term, your lender should tell you that your mortgage will move onto their standard variable rate1. This could be an ideal time to move if you find a better deal elsewhere, or you may even find an attractive deal with the same lender and go through a ‘product transfer’

  • How much does a remortgage cost?

    Existing lender fees

    Your existing lender could charge you a fee if you’re leaving them early into a fixed period in your mortgage. This is known as an ‘early repayment charge’ and could be in the range of 1% to 5% of your outstanding mortgage balance. They will also charge you an ‘exit’ fee of around £50 to £100 to cover their administration costs.

    New lender fees
    Your new lender could charge you a range of fees, so before you commit it’s important to check what you will pay. This will help you calculate whether a move is financially beneficial overall.

    Their fees could include:
    Application fee to set up your new mortgage. Could also be called an ‘arrangement’, ‘product’ or ‘booking’ fee. This could be around £1,000.  Valuation and conveyancing fees. Some providers won’t charge for these, but it’s worth checking if you are moving to a new lender. Solicitor’s fee covering the legal paperwork to do with managing the transfer of your mortgage.

  • Is a remortgage right for you?

    Whether or not you remortgage all depends on your situation and the type of mortgage plan you’re currently on.

    You may want a mortgage that lets you make overpayments, or you could be coming to the end of your current deal’s fixed term and think the lender’s SVR will be too high. One of the most important things you can do before you decide is gather your current mortgage paperwork, look at the fees and get some expert advice on your next steps.

  • What about product transfers

    If your mortgage is coming to its maturity date but you’d prefer to stay with your current lender, you could consider a product transfer. Switching to a new mortgage product with the same lender could save you money and time.

    Our financial advisers can help guide you through choosing the option for you.

  • Remortgage to save money

    One of the big reasons people remortgage is to save money on their monthly payments. If you’re on a standard variable rate that is higher than the fixed-rate deals currently available, you could save by switching – either to a fixed-rate mortgage or one that ‘tracks’ the Bank of England’s base rate.

    If your home has gone up in value and you’ve paid off enough of your mortgage to give you a lower loan-to-value, it means you own more of your home and have less to pay off. Remortgaging could result in lower monthly mortgage payments because you’re paying off less of a loan amount (and in turn, less interest on it too).

  • Mortgage Advice Fee

    An initial meeting with a GHL Direct remortgage advisor is always fee free and without obligation. Depending on your situation, some mortgage advisors may not charge you a broker fee. A mortgage advisor will take a commission from the lender or bank providing the loan. Our fee for arranging your mortgage will be explained before we get started.

View our free mortgage guides for an easy to read introduction on the mortgage services we offer.
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What is a mortgage survey

Mortgages aren't the only factors involved when remortgaging your home; solicitors, surveys, and insurance are too. Mortgage lenders require a survey before approving your loan. Home surveys come in several types.

Protecting your Investment

We work with you

We will want to learn more about you, your circumstances, and your overall financial position. We’ll also want to hear your thoughts on which type of mortgage you believe is right for you, before we talk you through the pros and cons of each option.

Once we have identified the options available, we’ll meet with you again or discuss our recommendations over the phone. We’ll also write to you so you can review what we have suggested, and why.

Assuming you’re happy with our remortgage recommendation, we’ll work with you to complete the application forms and liaise on your behalf with solicitors, valuers and surveyors. We can also talk you through the vital areas of financially protecting your new property and we’ll stay in touch throughout the process – and into the future.

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Your home or property may be repossessed if you do not keep up repayments on your mortgage.