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Remortgaging your home

• What is remortgaging?

  Remortgaging your home can be a smart move, potentially saving you money or achieving other financial goals. But it’s important to understand what it is.

  Put simply, it’s replacing your existing mortgage with a new one, often from a different lender. This can offer lower interest rates, fixed rates for stability, or access to additional funds (equity release).

• Why would I want to remortgage?

  There are many reasons to why you may decide to remortgage and seek remortgage advice. Common ones include:

  Rate expiring: Your current fixed mortgage rate is ending.
  Saving money: Lower interest rates mean smaller monthly payments.
  Fixing your rate: Escape volatility and lock in a stable payment for peace of mind.
  Consolidating debt: Use your remortgage to pay off other debts, potentially with lower interest.
  Raising capital: Release equity from your home for renovations, education, or investments.
  Changing your mortgage type: You might switch from a fixed-rate to a variable-rate mortgage or vice versa, depending on your current financial situation and future expectations.

• When can I remortgage?

  You don’t need to wait until your current deal ends before you can start looking for better mortgage rates. In fact, we advise you to start early to get the mortgage secured.

  Many mortgage offers are valid for between three and six months from the date they are issued. This means your lender may be able to arrange for the new deal to begin when your current deals ends. A GHL Direct remortgage broker will know how long various lenders offer periods are and will be able to find the right deal for your individual circumstances

• How do I find the right remortgage rate

  Do I need a mortgage advisor?
  Using a GHL Direct mortgage advisor can be helpful as they can navigate the process, compare deals from different lenders, and ensure you get the best rate and terms for your circumstances.

  How to compare remortgage deals?
  Look beyond just the interest rate and consider factors like:
  – The length of the fixed-rate period
  – Any upfront fees or charges
  – The flexibility to make overpayments
  – Customer service and online tools offered

• What are the different types of mortgages?

  There are a number of different types of mortgages available, including:

  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.

• What questions should I ask my mortgage advisor?

  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?