Use the MortgageGym eligibility calculator to find mortgages you’re more likely to be approved for.
The lenders available to you will depend on:
You’ll need to consider additional costs, like legal, administration and property valuation fees.
Talk to a qualified adviser to get tailored advice. If you’re happy, you’ll be walked through the full remortgaging process by your chosen lender.
You might choose to remortgage in order to save money if your current deal has ended, or is ending soon, rather than paying your lender’s standard variable rate.
While saving money is the main reason to remortgage, you could also decide to remortgage if you want:
You can begin looking around 14 weeks before your current mortgage ends.
You can also remortgage if you’re in the middle of your current deal or if you’re moving house but you’ll need to consider early repayment charges, which can be expensive.
Remortgaging is usually cheaper monthly than a personal loan. This is because most personal loans have a maximum term of 60 months. However, a mortgage term can be much longer, allowing you to spread the cost of your borrowing.
What works for you depends on your circumstances though, so it’s best to seek independent professional advice before committing.
If you decide to remortgage, you’ll have to pay these fees during the process:
Repayment mortgages are one of the two types of mortgages available in the UK. With a repayment mortgage, you pay off the interest and borrowed amount (capital) each month for a fixed term.
Repayment mortgages will either have a fixed rate, where the monthly repayments are a fixed price for a certain time. Or it’ll be a variable rate, so your monthly repayments may go up and down.
The other type of mortgage is interest only - where you repay the interest on your mortgage for a fixed term. You’ll be responsible for repaying the borrowed capital at the end of the term.
Offset mortgages - a variety of repayment mortgages - deduct the amount of money in your savings account from the amount you pay interest on, so your monthly repayments are lower.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
For online mortgage comparison and advice Gocompare.com introduces customers to MortgageGym Limited which is an Appointed Representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority. MortgageGym partner brokers will charge a fee, which is payable when your mortgage application is submitted. The fee will depend on your circumstances and will be discussed with you at the earliest opportunity. Gocompare.com holds a controlling investment in MortgageGym Limited.
LMS Monthly Remortgage Snapshot, June 2019.