Getting a mortgage is usually one of the largest financial commitments of a person’s lifetime. It is an exciting milestone, but it also comes with some trepidation. The enormity of the loan and the commitment made to pay it back over the next 30 years can be daunting. However, many homeowners may not realise that you do not necessarily have to commit for the whole term. A remortgage is where you take out a new mortgage on a property that you own. The process gives homeowners the opportunity to borrow money against their property and can help them get a better deal on repayments. The right remortgage can save the average homeowner approximately £300 a month, so they can really help you save money.
When is the right time to remortgage?
There are some common signs that homeowners can use to identify the right time to remortgage. Many mortgage lenders offer the best terms at the start of the deal, to entice buyers to choose their product. After this time, which is usually a few years into the transaction, the homeowner is switched to their standard rate. This is often more expensive so when this happens is often a good time to look at remortgaging. If a homeowner has concerns about interest rates going up then a remortgage can help to avoid this too. Finally, if a property value skyrockets, people can find themselves in a lower LTV bracket and therefore eligible for a better rate.
A remortgage can be completed, fast!
We have seen an increase in the number of remortgaging transactions recently, as many have been motivated by the “race for space” without wanting to sell their homes. At present, the conveyancing firms on our panel are able to complete remortgage transactions in just 14 working days, on average. As a homeowner, there are steps you can take to help achieve a fast turnaround. Firstly, getting prepared is absolutely essential. Shopping around for the best mortgage deal and not defaulting to a transfer with their current lender is key. There are whole of market brokers out there to help ensure you get the best deal for you. Ensuring your finances and paperwork are ready to go can also save time, and allow you to get the offer from the lender faster. Finally, choosing the right conveyancing firm can make all the difference. Online conveyancing firms often use technology to help achieve a faster turnaround, with the links of fast ID check services and online portals.
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