Remortgaging

Remortgaging simply means switching your existing mortgage to a new deal, often to a new mortgage lender. There are literally millions of borrowers currently paying their lender's standard variable rate (SVR). No lender's SVR will be the best deal they have on offer.

Unless you have just come out of a special deal (such as a fixed rate or a discounted rate), there is nothing to stop you switching off the SVR to a lower rate or a more suitable deal. And even if you have just come out of a special deal and are obliged to pay a penalty to switch to a new one, the figures may well add up in your favour. These days the process is easier than ever before - so why not take advantage of the situation?

Can You Remortgage?

You could save a lot of money by changing your mortgage - follow these steps to see if you might be able to switch and save. Read more›

Costs Of Remortgaging

Stamp duty : The legal aspects of the purchase cannot be ignored - stamp duty licks in at one per cent of the purchase price on properties costing more than £60,000, with higher percentage charges on properties costing more than £250,000. And you will have to pay solicitors fees. Read more›

Potential Pitfalls

Remortgaging seems like an easy way to save large amounts of money, but it pays to be aware of the potential pitfalls before you sign on the dotted line.

It is essential to make sure that remortgaging is definitely worth your while. You need to ask yourself 'why am I considering remortgaging?' and then measure the potential savings against all the actual and exposed costs involved. Read more›

Equity Release

There has been some confusion in recent years over the term 'equity release'. There are two meanings:

1. Remortgaging to free up equity or raise cash against your home. A popular choice among homeowners who have seen their properties increase substantially in value in recent years.

2. A way for retired people to access cash or an income against the value of their home via a range of equity release schemes (see below). Read more›

Top Tips for Remortgaging

1. What different types of remortgage deals are available and how do they work?
Many lenders offer a wide range of remortgage products - fixed rates, capped rates, discounts, cashbacks, flexible deals and Base Rate trackers, for example. Make sure the new lender or advisor explains the pros and cons of whichever deal or deals you are interested in.

2. What is the interest rate I will be charged on the new deal?
Whichever type of remortgage deal you opt for, the lender or adviser should tell you what interest rate you will be paying and, in the case of a fixed or capped rate for how long. Read more tips on finding the right homeloan ››