Whether you’re moving home or your current mortgage deal is coming to an end, it’s a good opportunity to review your mortgage options. Depending on your circumstances, you may be able to save money, secure a more suitable product, or borrow additional funds to support your future plans. Your circumstances may have changed from when you were a first time-buyer. I can help sort through the mortgage options that fit your current situation and goals.
Remortgages
Remortgage – Remortgaging means moving your mortgage to a new lender while staying in the same property.
Product Transfer – This means getting a new mortgage deal from your current lender while staying in the same property.
Benefits and Risks:
A product transfer with your existing lender can be easier with the least amount of documentation and affordability checks if you are in good mortgage standing with your lender. It can also be a cheaper option in terms of up-front costs as there will be no need for solicitor fees. However, you will be restricted to only the products offered by your current lender which may not be the cheapest rates available to you in the market.
Remortgaging with a new lender means you can investigate more products across all lenders for possibly cheaper interest rates. However, remortgaging means repeating the full mortgage application process such as appointing solicitors, lender valuations and document checks for income and affordability.
Which One is Right for You?
If you can secure a remortgage with another lender at a significantly lower interest rate than the product transfer options offered by your current lender, it may be worth considering, provided the additional costs and risks of remortgaging are justified by the savings.
Conversely, if the available remortgage products are only marginally cheaper than your current lender’s product transfer options, it is likely more sensible to remain with your existing lender. As always, as your mortgage adviser, I can spend the time sorting through all the different options and help you assess the best fit for your situation.
Home Movers
If you’re planning on moving home, there are a few things to consider regarding your existing mortgage. In some cases, your current mortgage may be portable, meaning it can be transferred to your new property. However, depending on your circumstances and what you’re looking to achieve, whether that’s upsizing for a growing family, downsizing, or moving to your forever-home, there may be other mortgage options worth exploring. I can help you navigate the options available to you.
Ready to Explore?
Whether you want to see what’s available for your remortgage options or you’re a home-mover and need help finding a mortgage for your new circumstances, I can help and do the heavy-lifting for you.
If you’d like to discuss your plans or have any questions, feel free to get in touch and book a Quick Chat at a time to suit you or contact me on Whatsapp.