Remortgaging
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Exploring the benefits of remortgaging UK
Remortgaging refers to the process of switching your current mortgage to a new lender or renegotiating the terms with your existing lender. A mortgage for most is the largest financial commitment they will have, therefor it makes sense to review it periodically to make sure its still the correct option for you.
At Plato Financial Services, we understand the importance of optimising your mortgage arrangements to suit your financial goals and needs. Remortgaging presents homeowners with a valuable opportunity to secure better deals, save money, and achieve greater financial flexibility.
Explore the benefits of remortgaging below and discover how it can help you unlock savings and maximize the potential of your property investment.
Save Money
Take a New Deal with your Current Lender
Access Equity
Consolidate debts
Flexible Options
Consolidating Multiple Mortgages
Avoiding Standard Variable Rates (SVR)
Change in Financial Circumstances
What are the costs of remortgaging?
Remortgaging your property in the UK can offer a pathway to financial savings and flexibility, but it's vital to grasp the associated costs before proceeding. Whether seeking to lower monthly payments, release equity, or switch to a more favourable rate, homeowners must navigate a landscape of expenses inherent in the remortgaging process. Remortgaging typically include the following costs:
1. Early Repayment Charges (ERCs): If you're currently on a fixed-rate mortgage or a discounted variable-rate mortgage, you might have to pay ERCs if you decide to remortgage before the end of the initial term.
2. Exit Fees: Some lenders may charge an exit fee when you leave your current mortgage deal. This fees usually range between £50-£300.
3. Valuation Fee: This valuation fee can vary depending on the value of your property and each lender will have its own fee scale. These can vary significantly from £100-£1500
4. Arrangement Fees: The lender may charge arrangement fees for setting up the new mortgage. These fees can be a percentage of the loan amount or a fixed fee.
5. Legal Fees: You may need a solicitor or conveyancer to handle the legal aspects of remortgaging, including transferring the title deeds. Legal fees can vary depending on the complexity of the transaction.
6. Broker Fees: If you use a mortgage broker to find the best remortgage deal, they may charge a fee for their services. This fee can be a percentage of the loan amount or a flat fee.
7. Other Costs: Depending on your circumstances, there may be other costs involved, such as property insurance, mortgage indemnity fees, or transfer of ownership fees.
It's essential to carefully consider these costs and weigh them against the potential savings or benefits of remortgaging.
Think carefully before securing other debts against your home.
Consolidating debt may reduce your outgoings now, but you may end up paying more overall.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Get Your Foundations Right
Check your credit report
Obtain a copy of your credit report from major credit bureaus to identify errors or areas for improvement.
Avoid New Debts
Refrain from taking on new debts, such as additional credit cards or loans, to maintain a stable financial profile.
Settle Outstanding Debts
Work on paying off any outstanding debts or negotiate payment plans to improve your overall financial standing.
No linked Accounts
Ensure that you are not financially linked to any ex-partners or old flatmates with poor credit scores.
Pay bills on time
Timely payment of bills, including credit cards, loans, and other debts, positively impacts your credit history.
Show Stability
Lenders appreciate stability. Demonstrate consistent employment and residence, as it can positively influence your creditworthiness.
Use Credit Wisely
Be mindful of how you use credit. Responsible and controlled use of credit can positively impact your credit score over time.
Close any inactive accounts
Ensure that you are not financially linked to any ex-partners or old flatmates with poor credit scores.
Reduce Credit Card Balances
Aim to lower outstanding balances on credit cards, as lower credit utilization ratios can improve your credit score.
Correct Errors
Address any inaccuracies on your credit report promptly.
Register to Vote
Be mindful of how you use credit. Responsible and controlled use of credit can positively impact your credit score over time.
Please be aware that by clicking onto the above link you are leaving the Plato Financial Services Ltd website. Please note that neither Plato Financial Services Ltd nor PRIMIS Mortgage Network are responsible for the accuracy of the information contained within the linked site accessible from this page.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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*This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
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