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Remortgage Process

If you are looking to remortgage your home, Remortgage-net.co.uk can offer you an expert helping hand at every step of the way.

The remortgage process is much simpler if you have a good idea of how it works before you start, so read on to find out how to make remortgaging as quick and straightforward as possible.

First steps – Do your remortgage research

Remortgaging entails switching the mortgage on your home to an alternate provider, or arranging a new deal with a different mortgage provider. There are various reasons why you might want to remortgage – as well as the opportunity to save money by moving to a lower interest rate, remortgaging could also help you to decrease your month to month repayments or offer you more flexibility over how and when you make your mortgage repayments.

Remortgaging can take a while, especially if you plan to remortgage with a new lender, so it’s best to begin your remortgage search a few months before you current deal comes to an end. If you’re thinking of remortgaging and your current mortgage deal is not ending any time soon, be aware that you may incur a fee for leaving early.

Next steps – Weigh up costs and benefits

Remortgaging may offer the chance to get an improved arrangement from your current lender, or it may mean changing mortgage providers altogether if a more suitable plan is available somewhere else.  However moving mortgages can come at a cost and it’s important to work out whether you will be better off financially overall if you remortgage or stay with your current deal.

Check your small print for any early repayment charge (ERC) which may make remortgaging too expensive. You may also be asked to pay an exit fee. Remember that if you are switching to a new lender, rather than remortgaging with your current lender, you are also likely to have to pay legal fees and valuation fees, and the entire remortgage process is likely to take a little longer. Once your remortgage has been approved you will receive a formal written offer.

Help with the remortgage process

The remortgage process can be confusing if you have never done it before – or perhaps you simply do not have the time to research the market yourself. Fortunately, help is at hand – our remortgage team can guide you through the remortgage process from start to finish. Call us today on 0845 450 9661 for free, no-obligation advice.

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