Most people remortgage because they want to save money. This can be a lot of money.
So, saving money is the most attractive reason but you could also be coming to the end of your current mortgage term. This could push you onto the lenders SVR which can be a non-competitive rate. Our remortgage advisors can draw on years of experience to give you all the information you need to switch to a better mortgage rate. We would love to help you find the right mortgage and possibly save you some money. GHL Direct mortgage advisors are very flexible and offer appointments over the phone, via video call or face to face from 08:00 - 20:00
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Saving money and possibly reducing our mortgage term are important, but it is important that you can afford what you want. Use our simple mortgage calculator to see if you can afford to make the mortgage payments.
If your current mortgage deal is about to end it makes sense to shop around for a new rate. Make sure you are fully aware of the mortgage end date & if there are any early repayment charges. Its also wise to look ahead, 3 months should be enough time.
You may already know how long you want the mortgage term to be or how much you can afford to pay but its always nice to know someone has your back. We all need a little help sometimes and our remortgage advisors offer you this support. A helping hand through the the remortgage process, from finding the right mortgage for you to helping complete the paperwork, chase the lenders and generally be on the end of the phone if you need us.
Remortgaging can be a big money saver but it doesn’t always work for everyone. Your current mortgage deal might have ERC (early repayment charges) or the set-up (arrangement) fees on a new mortgage could mean switching doesn’t make financial sense. Make sure you get the right advice before you commit, we can help you with that.
You current mortgage lender could have already contacted you if your deal is coming to an end. As your an existing customer they may offer you a good remortgage deal, but that’s not always the case. But if they do it could be cheaper, quicker and easier to stay with your current provider. Our remortgage advisors can help by comparing what’s on offer from your lender to the deals available from our mortgage panel of lenders. We can search over 15000 mortgages from 50 of the UKs top lenders.
Everyone loves to save money but do check the short term gains don’t have longer impact on your finances. You may be saving money every month but taking out a longer mortgage means taking longer to pay off your mortgage. This could cost you a lot more in the long run as you’ll pay more interest. Be sure that any new deal doesn’t extend the mortgage longer than you want it to.
The two most common ways of repaying your mortgage are capital repayment and interest only.
On a repayment mortgage, your monthly payments will partly go towards repaying the interest accrued on the money you’ve borrowed and partly towards repaying the capital sum (i.e. the amount you borrowed).
The benefit of capital repayment is that you’ll be able to see your outstanding mortgage reducing each year (albeit very slowly in the early years), and you are also guaranteed that your debt will be repaid at the end of the mortgage term, as long as you keep up your payments. On a capital repayment mortgage, the shorter the term you pay your mortgage over the bigger your monthly payments will be.
By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest to the lender over the mortgage term.
Capital repayment is the most common way of repaying your mortgage.
Interest Only Mortgage
For an interest only mortgage, your monthly payments will only cover the interest on your mortgage balance. The capital you owe (i.e. the amount you borrowed) will not go down and you will need to repay this in full at the end of your mortgage term. This means you will need to make a separate investment or combination of investments to generate the capital required, and you will also need to prove that you can afford to do this.
You should bear in mind that the value of investments can go down as well as up and you may not get back the original amount invested. For an interest only mortgage, the lender will need to see your plan for repaying the loan when the interest only period ends. If you fail to generate enough to repay your mortgage by the end of the mortgage term, you may be forced to sell your property.
With an interest only mortgage, you must be able to demonstrate how you will repay the capital sum at the end of the term.
It’s easy to underestimate the mortgage costs involved when remortgaging your property.
Lenders may ask you to pay a valuation fee. The type of valuation you choose will depend on factors such as the age and condition of the property.
These are the costs your lender will charge you for arranging your mortgage. Some lenders will allow the fee to be added on to your mortgage, but this means you will be charged interest on it over the mortgage term.
The fees charged by a solicitor will include their conveyancing fee (i.e. for the transfer of land ownership), as well as charges for legal registrations and other miscellaneous costs (known as disbursements) such as local search fees and Land Registry fees. Some lenders may offer to finance some or all of your legal costs as an incentive.
If the amount you wish to borrow is greater than a specified proportion of the property’s value (typically 75%), you may incur a higher lending charge.
Lenders may charge an ERC if you make an overpayment in excess of any stated limit, if the loan is repaid early or if you remortgage during the early repayment period. This can amount to a significant cost, so you should always check the early repayment terms in the offer letter from your lender.
Lenders may charge a fee to release the deeds of a mortgaged property to you or a new lender.
Before we get started, we will explain how we will be paid for arranging your mortgage if it all.
What we do for you
GHL Direct advisors offer flexible appointments over the phone, via video call, or face-to-face, wherever and whenever you works for you. We pride ourselves on being transparent, trustworthy and honest.
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Your home or property may be repossessed if you do not keep up repayments on your mortgage.