If you have been paying off your mortgage for a while, it might be time to consider something new. Remortgaging is the process of taking out a new mortgage on a property that you already own. It is often used to help homeowners borrow money against their properties as well as to get a better deal on repayments. The average homeowner can save approximately £300 a month by choosing the right remortgage deal. So, if you are looking to save money it might be time to consider remortgaging your home.
When should you consider remortgaging?
For many homeowners, they start to think about remortgaging when they are switched to their lender’s standard rate. Many high street mortgage lenders will offer their best rates at the start of the term, to entice people to choose their product. This period can last up to five years or so, but after this time they will be switched to a more expensive rate. This is a great time to consider remortgaging. If you are looking to borrow money against your property or have concerns about increasing interest rates, a remortgage can help with both. Finally, if your property has gone up in value considerably, you could be in a lower loan-to-value bracket. This means you could be eligible for a better deal, another great reason for remortgaging.
Remortgaging can be achieved fast!
The process of remortgaging is faster than moving house. You can borrow money against your property to expand or carry out home improvements, instead of going through the process of moving home. In August, our conveyancing panel was able to complete remortgage transactions in an average of 14 working days. If you are outside the window of cheaper rates on your current mortgage, the right remortgage can be key in aiding your finances.
What can I do to ensure a fast remortgage?
There are a number of things you can do to help the remortgaging process be a fast one. Start by going to a whole of market mortgage broker to get the best deal possible. They have access to an abundance of products so you will be more likely to get a better deal than doing a transfer with your current lender. Ensuring your finances and paperwork are ready to go to get your offer is also key. Finally, we recommend choosing an online conveyancing firm that uses technology to help speed up the process. Online identity verification which can be used for anti-money laundering checks can save you weeks on traditional conveyancing firms.
About Move Home Hub:
Move Home Hub is an online conveyancing and property survey network that utilises technology to speed up the process. We can refer your remortgage to an expert conveyancing firm in minutes through our bespoke portal. Plus, our biometric identification and AML check service can save you weeks, compared to a high street firm! It only takes a few minutes to get started. Click here to receive your free, no obligation conveyancing quote with our online estimator tool!