Remortgaging your property can save you money each month by securing a better rate than your current deal. It also allows you to reduce your overall mortgage term and release equity for home improvements or debt consolidation. This is often at a lower cost than unsecured loans.

There may be other personal reasons to release some of the equity locked up in your property. Releasing equity by remortgaging can be cheaper than taking out shorter term unsecured loans.

It is possible at any time, but there are factors that can make it financially unwise. One barrier is early repayment charges (ERCs) on your current mortgage deal, which can result in significant fees. These are fees charged to you if you decide to leave your mortgage deal early.

When considering a remortgage, it’s important to compare the savings in interest against ERC’s costs and other fees, otherwise, you could end up paying more in fees even though you got a cheaper rate.

If you’re looking to remortgage you’ll need to think about how much you want to borrow, the total term, and product type. Interest rates are important, but you should also consider other factors. This includes things such as fees, ERCs, and the flexibility to make overpayments.

A lot of the time individuals try and focus on getting the best interest rate. However, the product with the best interest rate isn’t always the best deal.

Remortgaging may not be a good idea if you are tied into your current lender’s product for a set period of time. This is usually between 2 to 5 years. Another reason is if your loan size is not large enough. This is because sometimes the lenders set-up costs can offset against any savings you make.

Early repayment charges and fees can also offset any potential savings and end up costing you more.

The process is similar to getting a standard mortgage to buy a house. There will be a property valuation and a solicitor will be necessary, although, some lenders offer these services included in their arrangement fees.

Your new lender will check your ability to afford the loan and your credit record. Upon receiving the mortgage offer, the existing mortgage will be repaid and the new mortgage will commence.

The whole process typically can take four to eight weeks.

Your costs can decrease if lenders provide free valuations and legal packages, although not all lenders offer these. It’s best to check what a lender offers before committing to them.

Other costs to consider are arrangement fees, broker fees, early repayment charges, and closing fees.

Using a mortgage broker can save you money in some cases , even though they charge a fee. This is because they will consider all fees to determine if remortgaging is the best choice.

There are mortgage deals available that have no fees and include additional benefits such as cash back. However, these deals may not always be the best option as there may be other hidden costs or limitations. It’s important to carefully consider all aspects of the deal before deciding.

A fee free remortgage may be beneficial if the savings outweigh the new interest rate or early repayment fees. It is advisable to consult with an expert for guidance on the right remortgage product for your circumstances.

Getting the most favourable deal for your circumstances could end up saving you thousands of pounds so, it’s understandable you’ll want to make sure the deal you get will work well for you in the long term.

A few general basic tips to help you get access to the most advantageous deals would be :

• Have a thorough knowledge of the market
  • Researching mainstream lenders and your current lender for remortgage options is a good starting point. You’ll need to consider rates, introductory period, fees, early repayment costs, and specialist lenders.
• Check your credit score
  • Before applying for deals, it’s crucial you check your credit rating. This can help you identify and fix any issues and improve your credit score before you apply.
• Provide a large deposit
  • Having a larger than average deposit or equity in your property will help you access better remortgage deals. This is because lenders see you as a lower risk due to the added security.

Most lenders will only allow a remortgage up to 85% of the property value, but some may consider up to 90% or 95%. The borrower’s affordability and any capital raising will affect the loan-to-value ratio.

Remortgaging a Shared Ownership property is possible, similar to a conventional property, but there are limited lender options available. Seeking expert advice can help you identify the right remortgage deal.

Remortgaging a Buy-to-Let is similar to purchasing a Buy-to-Let property. Lenders will consider factors such as rent, personal circumstances, property value, and equity. They will then decide, based on your circumstances, if they are able to lend to you.

Our mortgage advisers can help determine if savings or equity release is possible.

Remortgaging an interest-only mortgage onto a new deal is possible, but you must meet strict criteria. Lenders consider it higher risk lending and look for good income, low loan to values, equity, and property values.

To find the best fixed rates on remortgage deals, you may need to research specialist mortgage lenders who don’t advertise their rates. The best rate for you depends on your circumstances. You should ask yourself whether you need the mortgage for a short or long period.

When looking at an offer with an attractive rate, it’s important to keep in mind any other fees. This is because they could offset any potential savings.

Our mortgage advisers will customise a solution for you based on your individual circumstances and needs.

Remortgaging can help you get the best interest rate, especially with tracker rate mortgages. These rates are slightly higher but allow you to benefit from fluctuations in the Bank of England base rate or LIBOR rate.

It’s important to stay updated on the mortgage market and have good relationships with lenders to find the best rates. Some lenders offer exclusive rates through mortgage brokers. So get in touch today to see if you could access these rates.

Finding the best remortgage lender depends on finding the most suitable scheme for your individual situation. Different lenders have different criteria, so the best lender for one person may not be the best for another.

That’s why we are unable to give a list of lenders that we recommend. If you want to understand your options, reach out today.

A product transfer is when you change your mortgage rate with your current provider.

Staying with your current lender does have a range of benefits. However, it may not be the best option if a lender doesn’t offer the most suitable or best value product.

At IMC Mortgage Brokers, we’ll consider your current lender’s offers as well as new lenders. This will help ensure that you receive the most appropriate deal.

Searching for mortgage deals on your own is a lengthy process and can limit your options.

A mortgage broker can access a wider range of deals, including exclusive ones not available on the high street. This is because certain lenders only offer their services to brokers. This means you can’t access them on your own.

To find the best remortgage deal, it’s best to seek advice from a professional adviser. They can match you with the right lender based on your needs and circumstances. Consider factors like how long you’ve been paying off your mortgage and what you want to achieve with the remortgage – this could be to get a better interest rate or to consolidate debts.

Rates change almost daily and new deals can become available before you know about it. An expert mortgage broker will have their finger on the pulse of the market and will know exactly which lender to contact.

With access to 1000’s of products from the Whole of Market, we have access to deals that are not advertised on the high street.