Springtime has arrived, which means sunny, brighter days are ahead, and lighter evenings are on the horizon. Everything feels a bit better when the sunshine is out.

Spring feels the perfect time to have a good old clear out, and as the saying goes, spring clean, whether it’s cleaning and clearing your home or car. But what about your finances? This time of year is as good as any to sort out your financial position and work out ways to save more money, so you can enjoy the upcoming summer season and remainder of the year.

Many clients say that remortgage is the best thing they have done to help them save some valuable funds. We agree! We look at how remortgaging your home can help you spring clean your finances in 2023.

What is Remortgage?

In simple terms, a remortgage is when the owner of a property changes from one mortgage lender to another or opts for a different deal with the same lender. It doesn’t involve moving to a new house, the new mortgage is secured against the same property.

Nowadays, more people than not decide to remortgage at some point. In recent years, figures showed that remortgage levels were at a high. Clearly, the days of being stuck in the same mortgage forever are behind us! This is definitely a good thing.

Why Remortgage?

The main reason behind homeowners remortgaging their home is to help save some money. By remortgaging your home, you can lock in a much better rate or deal with terms better suited to the financial situation you are in at the time.

Some other reason why people consider remortgage:

· To help reduce the interest rate on their current mortgage
· Help fix monthly payments and protect against future rate rises
· Can raise capital to fund a makeover and home improvements
· Raises a cash lump sum by releasing equity from the property
· Consolidate any debts you may have

When can I remortgage?

When is it worth considering remortgaging your home? This can vary. Property owners may look at remortgaging 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 arrives though. It’s possible to get the ball moving in advance. You can speak to our remortgage legal experts about it!

Why should you remortgage with GWlegal?

· Our remortgage team have well over 70 years of experience between them!
· Your case will be personally handed by a true expert in the field.
· We have exciting cashback incentives available with our £500 Cashback Remortgage Deal

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.

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Content correct at time of publication.