If you’re the kind of person who likes to shop around to find the best deal, then you should be using the same theory to save money on your mortgage – with our help!
Remortgaging is the process of taking out a mortgage on a property you already own to replace an existing mortgage or to borrow money against your property.
If you’re worried about anything or need some remortgage advice, contact Friends Capital.
Remortgaging means changing your current mortgage.
You can do this in two ways, switching to a different lender or getting a different rate from your current lender.
The main reason people remortgage is to save money or release money from your property by borrowing against it. In some cases, you can do both. Remortgaging isn’t any different to switching your mobile, broadband or energy provider, often a move can mean saving money.
The majority of borrowers remortgage at the end of a deal term. This is to avoid moving onto the typically high standard variable rate (SVR).
SVR mortgages could be mean paying up to £4,000 more per year over switching to a new deal. It’s important to start preparing for a new mortgage a few months before your current deal expires.
In some cases, you can switch your mortgage earlier; however, fees may apply. Speak to a mortgage broker, and they can advise you on whether it’s worth changing your mortgage early or not.
This really depends on whether you’re staying with the same lender or changing. If you are staying with the same lender four to six weeks is typical, for a new lender eight to twelve weeks is more likely.
Friends Capital Tip: “To avoid delays, start looking for a new mortgage in advance – two to three months before your deal expires is ideal.”
Your credit history needs to be as clean as possible before applying to remortgage. Your credit score will affect your chances of getting the best rates. Lenders like to know you are good with your money and can afford to make the repayments.
If your credit history isn’t spotless, don’t give up. Friends Capital help customers with bad credit every day. There’s bad credit, and there is really bad credit – most people aren’t as bad as they think.
Why choose Friends Capital?
Friends Capital work with all of the UK’s top insurance companies and financial institutions meaning we represent the very best the market has to offer but brought to you with independent and impartial advice.
We will explain the pros and cons of different products and make sure that the solution you end up with will be the right one for you.
Our reputation is our bond. Friends Capital guarantee to deal with everyone with total understanding and empathy of your needs and circumstances. We do not prejudice anyone and work hard to bring you the best possible deal and outcome, regardless of your situation.
Put your trust in Friends Capital and contact us today for all of your financial and protection needs.
Friends Capital is one of the UK’s leading brokers with over 30 years experience of finding the best possible policy to suit your needs at the lowest possible price.
We search the market with all the best providers so that you don’t have to.