Remortgage With Same Lender
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Before you start shopping around the remortgage market for a better rate, it can be worthwhile to speak to your current mortgage provider to see if they can offer you a better interest rate by remortgaging to one of their own products.
Sticking with your current lender – assuming you are happy with them in other respects – can save you hassle and money.
Preparing for a remortgage with your existing lender
Before making your application for a remortgage, mortgage, make sure you completely understand the terms and potential limitations of your existing mortgage deal. For example, are there any exit fees to pay? Or any early repayment charges likely to be levied against you?
It’s also worth considering whether you want to keep the same type of mortgage, or use remortgaging as an opportunity not only to get a different rate but also a different mortgage type.
Advantages of a remortgage with the same lender
Some of the potential advantages of a remortgage with the same lender may include:
- You may not need to have a valuation – unless you wish to do so because you believe your home has changed significantly in value since you took out your mortgage
- You may incur fewer legal expenses unless you need to make a change to the ownership of the property – for example, if you are buying out an ex-partner or house mate at the same time as remortgaging
- A remortgage with your existing lender could mean a faster turnaround time as they already have your details, credit history and personal information to hand
The remortgage process can be confusing – should you move lenders or stay put? Our dedicated mortgage advisory team are here to help you decide, as well as finding you the best deals on the remortgage market. Call us today on 0845 450 9661 for advice and information, with no obligation.
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