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Plan ahead for the best remortgaging deals

Published: 14 December 2022
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Author: Carl Shave - CEO and co-founder
Last updated: 26May2024

Plan Ahead For The Best Remortgaging Deals

The holiday season is a good opportunity to take the time to review your finances, and priorities. You may be thinking about remortgaging but aren’t sure if it’s right for you. Below we’ve outlined some reasons that you may want to remortgage your property.

Better rates

For many homeowners, remortgaging will be high on the agenda as existing agreements reach the end of term. If you decide to remortgage, you can do this with your current lender or decide to choose another lender.

Seeking advice six months ahead of the change, rather than delaying, can help to avoid delays that may result in you getting stuck on your existing lenders standard variable rate.

Home improvements

Home improvements are one of the most common reasons for remortgaging. You may want a new bathroom or kitchen, or you may even want to extend your home to give your family more space.

Going through the remortgaging process can help to raise the capital that you need for your plans.

Reducing your mortgage term

Remortgaging with a lower interest rate could enable you to reduce the term of your mortgage. Raising monthly repayments on your mortgage could save you a lot in the long run.

Most lenders will offer an initial fixed interest rate for a certain period of time. Once this term has finished, you should review your mortgage again if possible. By reducing your term over time and increasing your monthly payments as your income increases, you may be able to pay off your mortgage quicker than expected.

To invest in a Buy-to-Let

Buy-to-Let properties often provide an extra income from rents or through the increase of property value. Remortgaging your family home can release capital to enable you to put a deposit down on a new property that you intend to rent out.

Considerations

Finding the best remortgage deal may mean that you get better interest rates than you do at the moment. When thinking about remortgaging your home, it is important to act early. Remortgaging rates are always changing.

You should also consider that if you are on a fixed-term and you want to get out early, you may be liable for early repayment charges.

Just Mortgage Brokers have experienced advisers who can explore the most appropriate remortgage options to suit individual circumstances over the medium and long term. Contact our team for further assistance.