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Remortgage

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.



Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.



It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

  • The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

  • If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

You may have to pay an early repayment charge to your existing lender if you re-mortgage. There may be a fee for mortgage advice. The charging of such a fee will depend upon your circumstances but if we charge a fee, we estimate that it would be £250 or 0.25% of the loan amount whichever is greater. Typically this will be £250

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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ADDRESS:


18 High Street
Kippax
Leeds
LS25 7AB

TELEPHONE:

0113 232 2320

FAX:

0113 287 2606

EMAIL:

advice@advantage-mortgages.com

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Advantage Mortgage Services (Yorkshire) Ltd is an appointed representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority.

The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it. Registered address of Advantage Mortgage Services (Yorkshire) Ltd: 18 High Street, Kippax, Leeds LS25 7AB. Registered in England No. 5238006. Directors: Malcolm Proctor & David Sweeney