Remortgaging your home is one of the smartest ways to save money

A guide to remortgaging your home, have you come to the end of your fixed term, you might want to start looking for a better deal on your mortgage. Or you might be looking to free up equity to extend your home, buy a second property, for home improvements and renovations or to consolidate debts. Whatever the reason, we’ve put together a guide on what you need to know. 

Remortgaging your home is one of the biggest ways to save money, with the chance to save hundreds of pounds each year by comparing cheaper mortgage rates. 

How does remortgaging work?

Remortgaging is the process of switching your existing mortgage to a new deal, using the same property as security. You can remortgage with the same lender or a different provider you’re not moving home and your new mortgage will still be secured against your existing property. 

When should I remortgage?

When your fixed-term deal is coming to an end. As you will be moved to your lender’s standard variable rate (SVR) when your fixed-rate deal ends. 

You may be able to find a mortgage with a lower interest rate than you are currently paying for the same term, so your monthly payments or term could be reduced. Having a fixed- term mortgage means you’ll know how much you’ll have to pay every month. also, your mortgage won’t increase if interest rates rise.

If your home’s value has increased, you may be able to get a better deal because of changes to the loan-to-value ratio and use some of the equity you’ve built up in your property, for example, to fund home improvements. To consolidate debt, had poor service from your mortgage provider. You may want to change to one with a better reputation for customer service and satisfaction.

Whether you have a fixed or variable mortgage, it can be a good idea to shop around before your mortgage deal ends, and move to another one if it can save you money. 

Who we are

Established in 1998, Holborn Assets is a leading, award winning, global financial services company that provides quality financial advice and wealth management solutions to the discerning international expatriate.

As a British, family-owned and run company we pride ourselves on delivering a superior experience to our circa 20,000 clients, via our 11 international offices, all supported by over 450 personnel who have only YOU, the client, in mind.

If you are in any doubt whether this is suitable for your circumstances we strongly recommend that you seek advice from your financial adviser.

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