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  • 5 star reviews
Knowledge

Remortgaging your property: know your options

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What to consider when remortgaging

If you are looking to remortgage then there are a variety of things to consider.

  • It may be that you are simply looking for a ‘pound for pound’ remortgage option i.e. just swapping your current rate for a new one and not looking to increase/decrease your mortgage amount.
  • It may be that you are looking to borrow more to purchase something new, complete some works to your property, consolidate some debt, raise a deposit for a new property/help a child raise a deposit for a new home, etc.
  • It may be that you are looking to reduce the level of borrowing by paying some of your mortgages off at the same time as looking to remortgage.

Choosing the right mortgage

For any, and all, of the above scenarios it is always important to consider the options available to you in the mortgage market and to find the very best option that fits with your circumstances and what you are looking to achieve. With the number of mortgages (literally thousands) available and the range of lender criteria, it can be a daunting task and one that can be very time-consuming.

Finding a suitable mortgage lender

It may be that you need to find a lender that will agree to the additional lending and will, based on affordability, allow you this additional lending where other lenders won’t.

Changing circumstances and your credit rating

It may be that you have changed jobs, had a change in personal circumstances (new child, married, separated, divorced..), or your credit may have been impaired during your current mortgage, and these can all potentially affect the amount of borrowing available, or may impact your plans and need some help identifying the best options available for your specific circumstances.

Get useful advice and know your options

A good mortgage broker will be able to assist and navigate through ALL the available options in the market to confirm what the best options would be specific to you and your circumstances. They will also ensure that any applications submitted are done so in a timely fashion, manage the entire process from start to finish and keep you fully informed at all times allowing you to sit back and focus on what is important to you during the entire remortgage process.

I have worked in financial services for three and a half years, predominantly working as a mortgage underwriter for a major building society. I have also previously worked in the insurance industry and as an account manager.

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