Remortgaging
It is always good to shop around with any large financial purchase, and your mortgage should be no different. By comparing what lenders offer, you can be sure you have made the right choice and secured the best deal for yourself.
The Remortgaging Process - A Step-by-Step Guide
Remortgaging is most often used when the initial rate you have selected is coming to an end. Rather than defaulting to the lender's Standard Variable Rate (SVR), many borrowers prefer to look at what their current lender and other lenders are offering. This enables them to select another fixed, tracker, or other rate for a set period. This transaction is known as a Product Transfer (if staying with the original lender) or Remortgage (if moving to another lender).
Step 1: Assess Your Current Mortgage
Review your current mortgage terms and conditions. Identify when your current rate ends and what the SVR will be. This will help you understand the urgency and potential benefits of remortgaging.
Step 2: Determine Your Goals
Why are you remortgaging? Whether it's to relieve financial hardship, fund home improvements, or support family and friends, knowing your goals will guide your decisions.
Step 3: Research and Compare Offers
Use comparison tools and consult mortgage advisers like Finance Factors to explore offers from various lenders. Consider factors such as interest rates, fees, and flexibility.
Step 4: Apply for a Remortgage
Once you've chosen the best deal, submit your application. Be prepared to provide documentation such as proof of income, identification, and details of your current mortgage.
Step 5: Valuation and Approval
The new lender will conduct a valuation of your property. Upon satisfactory valuation and approval of your application, you'll receive a formal offer.
Step 6: Legal Work
Solicitors will handle the legal aspects of the remortgage, including transferring the mortgage from your current lender to the new one.
Step 7: Completion
Once all legal work is completed, your new mortgage will commence, and any outstanding balance with your previous lender will be settled.
Finance Factors are here to make things easy for you, ensuring a smooth and hassle-free remortgaging process.
Make an appointment or speak to one of our advisers by filling out the form here.
Phone: 07785 954074
Address: 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST
Email: kbl@financefactors.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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Finance Factors is a Trading style of Finance Factors LTD who are an Appointed Representative of Advice Solutions LTD which are Authorised and Regulated by the Financial Conduct Authority. The Financial Service Register Number is 961681.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but will be agreed with you before proceeding.
Finance Factors is a Limited Company. Registered Address: Finance Factors Ltd, 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST, United Kingdom. Registered in England and Wales under number 15814885.
We always aim to provide a high-quality service to our customers. However, if you encounter any problems, in the first instance please write to the registered address above, email or call Finance Factors outlining your complaint, if we are unable to resolve this, you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm).
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Some calls maybe recorded for training and monitoring purposes.