How to Find the Best Re-mortgage Deals

With the Bank of England Base Rate having steadily climbed over the past few months, many homeowners have decided now is the time to shop around for a new mortgage deal. It is a particularly important time to re-mortgage if your current deal is due to end in the next six months, as you won’t face the penalties that might apply if you are still within your fixed deal term. With that in mind you’ll want to ensure that you get the best deal.

Navigating the labyrinth of re-mortgage options can be overwhelming. To ensure you're getting the best deal, it's essential to arm yourself with knowledge and approach the process strategically. So, if you are wondering how to get the best re-mortgage deal…look no further, in this blog we’ll walk you through it.

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Assess your current situation.

Before you even start looking at mortgage deals, you need to evaluate your current financial and mortgage situation. Make sure you know what kind of mortgage you currently have, repayment or interest only, fixed, variable or tracker. Check the outstanding balance and remaining term. Find out if you will face penalties for ending your mortgage now.

Next assess your current financial situation. Has anything changed since you took out your mortgage? Were you employed and now you are self-employed? Has your income or relationship status changed? Check your credit score and calculate how much you could afford on mortgage payments each month.

If you need help understanding your current mortgage deal or assessing your financial situation we can help with expert advice and budgeting tools.

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Determine your goals

Your goal when re-mortgaging may be just to reduce your monthly payments by obtaining a better deal. However, you could also be re-mortgaging to pay off your mortgage more quickly or release equity for home improvements or other investments, so take some time to determine your goals for your re-mortgage.

Research the market

Ensure you understand the current mortgage market. What kind of deals are available? Don’t just look at the deals being offered by your current provider. Look at the entire market. Carefully assess the fees and terms as well as interest rates, as a good interest rate may be offset by fees or terms that are not so positive.?

Seek Professional Advice

Engaging a mortgage advisor or broker can be very beneficial. Mortgage advisors have access to a wide range of mortgage products and can help you navigate complex terms and conditions. They can also provide invaluable advice on which deals align with your financial situation and goals.

Consider your personal circumstances

Once you have an idea of the deals available to you review them with your personal circumstances in mind. A shorter-term mortgage may be ideal for you if you plan on moving in the near future. If your financial circumstances are variable, then consider a deal which offers the opportunity to make over payments if things are going well or take a payment holiday when times are harder.

Shop Around?

Just because a lender has offered a specific deal does not mean it’s the best. Again, using the services of a mortgage advisor here can be invaluable, as they know the lenders and will often understand all their mortgage deals or even when another lender may better suit your particular circumstances.

Apply and Complete

Complete the full application process, submitting all necessary documents and information. The lender may carry out a valuation of your property and require proof of your financial situation. Check all the details and seek legal advice, if necessary, before signing and completing your re-mortgage.

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Finding the best re-mortgage deal for you requires careful planning, research, and attention to detail. By understanding your financial situation, shopping around, seeking professional advice, and being vigilant about the terms, you can secure a re-mortgage that suits your needs and helps you achieve your long-term goals.

Of course, a really experienced and knowledgeable mortgage advisor can help you every step of the way…not just with finding a good deal, but also with assessing your financial position, staying informed about market trends and even negotiating a better deal.

Give us a call to have a free, no-obligation chat about your options.