Reasons To Remortgage
Published: 02/10/2020
What is remortgage
Remortgage is when you take out a new mortgage on a property that you already own, either to replace an existing mortgage you have, or to borrow money against your property. It’s important to understand the remortgage is an entirely new mortgage that you take out. The old mortgage you previous had is cancelled and a new one is activated. You don’t necessarily take out a ‘remortgage’, but rather a new mortgage.
Why should I remortgage?
Current deal coming to an end - Many of the stand out mortgage deals tend to only last for a short time, estimated around two to five years, which is the usual length of time offered on a fixed rate, tracker or discount mortgage.
If you know you want to remortgage with a different lender as you approach the end of your current mortgage, then it’s worth considering what’s around three months before it expires.
To get better rates - If you’re currently on a fixed rate mortgage but the period for the rate is coming to an end, it’s understandable that you may want to start shopping around for a new, better deal. However, a big factor that you may need to consider is that your current mortgage lender may enforce large fees to pay off your mortgage early.
Home improvements - A very common reason as to why many people consider remortgaging their home is to help gain extra funds to carry out home improvements. It can be a good investment opportunity as any big home improvements made with the money, may help increase the overall property value long-term.
When can I remortgage?
Property owners may look to remortgage their home in the first three to six years of obtaining their initial mortgage. It may be possible to remortgage your current deal after a longer period of time, however you’ll need to seek professional advice on this first.
As mentioned, the ideal time to remortgage your home is when the current mortgage period is about to come to an end. You need not wait until that exact date though. It’s possible to get things moving in advance. Speak to us about it!
Why should you remortgage with GWlegal:
· Our remortgage team has more than 70 years of experience between them!
· Your case will be personally handled by a true expert in the field.
· GWlegal also has a five-star Solicitor.Info score based on positive client reviews.
Who are GWlegal?
GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.
If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us discuss@gw.legal with your question.
Who are GWlegal? We’re a national firm with local values.
Need a fixed-fee Conveyancing quote?
Click here get a quoteContent correct at time of publication.