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Remortgaging

Providing individual remortgage advice.

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts or home improvements.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

Debt consolidation is not always the most suitable option, you may be transferring existing borrowing from unsecured to secured; by doing so you will pay interest on this money for the term of your mortgage and therefore may pay more as a result. Failure to meet the loan repayments may put your home at risk.

There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service http://www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice these services may be more suitable for you.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA.

Contact Us For Full Details
  • 0800 035 2989
  • info@truecostmortgages.co.uk
  • True Cost Mortgages, 3rd Floor, 1 Mann Island, Liverpool, L3 1BP
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The business advice centre limited T/A True cost mortgages is an appointed representative of Julian Harris Mortgages Ltd, which is authorised and regulated by the Financial Conduct Authority. We are Registered in England and Wales. Registered Address Suite 4, 48 Westgate, Skelmersdale WN8 8AZ. Registered Company No 7931506. We are an appointed representative of Julian Harris Mortgages Limited, Julian Harris House, Musgrove, Ashford, Kent, TN23 7UN, which is authorised and regulated by the Financial Conduct Authority. Julian Harris Mortgages Limited FCA Register number is 304155.

UK Guidance – The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK

We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to proceed with an application. Our professional fee charged is £349 which is payable upon receipt of your mortgage offer. We will also be paid commission from the lender.

For Lifetime Mortgages our professional fee charged is £995 which is payable when your mortgage completes. We will also be paid commission from the lender.

Please Note think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA.

‘The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.’

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