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Tuesday 13 April 2021
Tuesday 13 April 2021
Tuesday 13 April 2021
Tuesday 13 April 2021
Remortgaging can be a smart financial decision, potentially saving you a significant amount of money on your mortgage. At Barrett Mortgages, our expert advisors can guide you through the remortgaging process, ensuring it is smooth, hassle-free, and tailored to your needs.
We compare products from a range of lenders to find the best remortgage deal for you. From checking how much you can remortgage for to handling the paperwork and liaising with solicitors, surveyors, and third parties, we aim to make the process as seamless as possible. Many of the products we source feature some of the lowest rates in history, and we can even help you secure fee-free options where lenders cover costs like stamp duty and other associated fees.
Understanding Remortgaging Options
When your current mortgage deal ends, typically after the introductory period of two to five years, you have three options:
Stay on the Standard Variable Rate (SVR): This may be suitable if the costs of remortgaging outweigh the potential savings.
Remortgage with Your Existing Lender: This can be convenient and may involve fewer fees but might not offer the most competitive rates.
Remortgage with a New Lender: This is often the best way to access competitive rates and potentially save money.
Costs to Consider When Remortgaging
While remortgaging offers the potential for significant savings, it’s essential to account for associated costs, including:
Exit Fees: Charged by your current lender to close your mortgage.
Early Repayment Charges (ERCs): A fee to compensate your current lender if you end the mortgage before its term.
Valuation Fees: Your property will need to be revalued.
Legal Fees: Necessary for processing the new mortgage agreement.
Some lenders may cover these fees, but this can result in a slightly higher interest rate. The key is to compare all costs against potential savings to determine if remortgaging is the right option for you.
Benefits of Remortgaging
Remortgaging can help you achieve several financial goals, such as:
Reducing Monthly Payments: Secure a lower interest rate and reduce your overall outgoings.
Releasing Equity: Increase the loan amount to fund home improvements, buy a car, or consolidate debt.
Switching to a More Suitable Product: Opt for a mortgage that better aligns with your current financial situation or long-term plans.
Why Choose Barrett Mortgages?
Barrett Mortgages is a professional finance broker based in Poole, Dorset, offering tailored mortgage solutions since 2009. Founded by Darren Barrett during one of the industry’s most challenging periods, we have built a reputation for providing clear, trustworthy, and upfront services without high-pressure sales tactics.
Our team is fully qualified and experienced, committed to delivering the best possible customer experience. We thrive on referrals from satisfied clients, reflecting the high level of trust we’ve established in the community.
The Golden Rule of Remortgaging
Always calculate the total costs of remortgaging and compare them to the potential savings. If the savings outweigh the costs, remortgaging is likely the best choice. If not, staying on the SVR may make more sense for the time being.
Contact Us Today
If you’re interested in remortgaging or exploring any of our other mortgage services, please get in touch. Our team at Barrett Mortgages is ready to assist you on your mortgage journey, providing expert guidance to ensure you make the best financial decisions for your future.
Remortgaging can be a smart financial decision, potentially saving you a significant amount of money on your mortgage. At Barrett Mortgages, our expert advisors can guide you through the remortgaging process, ensuring it is smooth, hassle-free, and tailored to your needs.
We compare products from a range of lenders to find the best remortgage deal for you. From checking how much you can remortgage for to handling the paperwork and liaising with solicitors, surveyors, and third parties, we aim to make the process as seamless as possible. Many of the products we source feature some of the lowest rates in history, and we can even help you secure fee-free options where lenders cover costs like stamp duty and other associated fees.
Understanding Remortgaging Options
When your current mortgage deal ends, typically after the introductory period of two to five years, you have three options:
Stay on the Standard Variable Rate (SVR): This may be suitable if the costs of remortgaging outweigh the potential savings.
Remortgage with Your Existing Lender: This can be convenient and may involve fewer fees but might not offer the most competitive rates.
Remortgage with a New Lender: This is often the best way to access competitive rates and potentially save money.
Costs to Consider When Remortgaging
While remortgaging offers the potential for significant savings, it’s essential to account for associated costs, including:
Exit Fees: Charged by your current lender to close your mortgage.
Early Repayment Charges (ERCs): A fee to compensate your current lender if you end the mortgage before its term.
Valuation Fees: Your property will need to be revalued.
Legal Fees: Necessary for processing the new mortgage agreement.
Some lenders may cover these fees, but this can result in a slightly higher interest rate. The key is to compare all costs against potential savings to determine if remortgaging is the right option for you.
Benefits of Remortgaging
Remortgaging can help you achieve several financial goals, such as:
Reducing Monthly Payments: Secure a lower interest rate and reduce your overall outgoings.
Releasing Equity: Increase the loan amount to fund home improvements, buy a car, or consolidate debt.
Switching to a More Suitable Product: Opt for a mortgage that better aligns with your current financial situation or long-term plans.
Why Choose Barrett Mortgages?
Barrett Mortgages is a professional finance broker based in Poole, Dorset, offering tailored mortgage solutions since 2009. Founded by Darren Barrett during one of the industry’s most challenging periods, we have built a reputation for providing clear, trustworthy, and upfront services without high-pressure sales tactics.
Our team is fully qualified and experienced, committed to delivering the best possible customer experience. We thrive on referrals from satisfied clients, reflecting the high level of trust we’ve established in the community.
The Golden Rule of Remortgaging
Always calculate the total costs of remortgaging and compare them to the potential savings. If the savings outweigh the costs, remortgaging is likely the best choice. If not, staying on the SVR may make more sense for the time being.
Contact Us Today
If you’re interested in remortgaging or exploring any of our other mortgage services, please get in touch. Our team at Barrett Mortgages is ready to assist you on your mortgage journey, providing expert guidance to ensure you make the best financial decisions for your future.
