We help Hove residents save money & time finding a better mortgage deal to reduce costs

✓ Free Advice ✓ No paperwork or complications ✓ Access 50+ Lenders to find you the Right deal

3 Easy Steps to getting a cheaper mortgage

1) Make An Enquiry

Simply fill in our enquiry form. Tell us how much you want to borrow and what it is for. We take care of the paperwork and deal with the administration so you don't have to

2) Find A Better Deal

Access to over 50 of the best known lenders to find you the right deal. We will help you present your application in a way that maximises your chances of getting the deal you need

3) Save Time & Money

Once your new mortgage is approved you can begin to enjoy reduced monthly costs, or have funds transferred for home improvements

Request a call back, complete the form now and find how much you can save!

  • FCA Approved & stress free financial advice
  • Professional, fully managed service & single point of contact
  • Trusted & local knowledge from a property expert
  • Low Interest Rates Available
  • Let us take care of the entire application 
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REMORTGAGE DEALS EASTBOURNE

Remortgage Guide

Switching your mortgage to a new deal could be one of the best money-saving moves you ever make.

With over 6 years property developing experience, I have used remortgaging as a tool to make big savings and find the right lenders for all of my properties across Sussex, .

This guide will give you a few things to think about and highlight some of the answers to your questions towards remortgaging your own home.

What is remortgaging?

Remortgaging is the process of repaying an existing mortgage debt with a new mortgage. This is typically done to save money with a lower interest rate, or to raise money by borrowing against equity.

Why do people remortgage?

There are many good reasons to look into remortgaging. The two most popular reasons why people choose to remortgage are:

  • Save Money - in order to lower monthly repayments or benefit from lower interest rates. More than half of all borrowers in the UK are currently paying more than they need to on their mortgage. Imagine lowering your monthly outgoings with reduce repayment costs by finding a remortgage deal suited to your budget..
  • Raise Money - to release some of the equity in your home. This could be useful if you wanted to consolidate debts or release money for making home improvements (and adding value to your property). 

Many clients who already have a mortgage tend to look at remortgage deals. After the initial fixed rate, your mortgage may revert to a higher rate of interest, meaning you will have to pay more each month. At First Class we contact clients before the fixed rate ends to enable them to either stay with their existing lender with a product transfer or remortgage so homeowners switch to a better deal with a different mortgage provider.

Who Can Remortgage?

Anyone who has an existing mortgage can look into remortgaging with us - provided that they meet the criteria set by their potential new mortgage lender. Remortgaging might be particularly important if you’ve come to the end of a fixed-rate period, or your discounted deal is coming to an end. While you can stay with your existing mortgage provider, you will probably be put on their standard variable rate (SVR) which may not be the cheapest deal around. In many cases, remortgaging can make a big impact on your monthly outgoings - for example, £75,000 mortgage with a 15 year repayment mortgage from 5.5% to 3.5% you could save £76 a month.

When is a good time to remortgage?

When the deal you’re currently on comes to an end you may have to make much higher repayments. It’s therefore best to start looking at other offers just before your deal comes to an end, so that you can make a smooth transition to a new deal. You may need to watch out for a mortgage exit fee, which is a penalty for leaving your current mortgage deal early. Sometimes a remortgaging deal can make up for the early exit penalty, but it’s worth calculating how much you would have to pay over the remainder of your mortgage if you stay in your current deal versus switching to a remortgage deal.

How long does remortgaging take?

Remortgaging usually takes about a month, as we complete all the paperwork and have a valuation of your home conducted. When the process is complete you’ll be notified with a completion statement.

How do I find the right remortgage deal?

Contact us and we will help you identify which product is best suited to your needs. Please tell us:

  • the estimated value of your home;
  • the percentage of the value of the property you want to borrow (the LTV ratio);
  • your annual income and the income of anyone else who will be named on the mortgage;

It is also useful to get a ‘redemption statement’ from your existing lender, which will tell you exactly how much you owe. These factors are important to figure out what you need to remortgage for: saving money or releasing equity.

We will also discuss with you which type of mortgage you would like to meet your needs and objectives:

  • Fixed rate mortgages - with a fixed-rate mortgage the interest rate is fixed for a set period of time, usually between 2 and 5 years. Fixed rate mortgages are good if you want the security of knowing what your monthly repayments will be, but homeowners will not benefit from any potential drop in interest rates.
  • Tracker mortgages - with a tracker mortgage your mortgage rate is set at a percentage above the Bank of England’s base rate or your lender’s standard variable rate, so if interest rates go up or down your mortgage repayments will too.
  • Offset mortgages - with an offset mortgage, your mortgage and savings account are combined, and the money you have in your savings account is counted as a temporary overpayment towards your mortgage, which could save you thousands in interest. As with a standard mortgage, you can get discounted, fixed and tracker offset mortgages.

Contact Us Now So We Can Help You

If you would like to get free no-obligation advice, get in touch so we can discuss how to remortgage your home, we’d love to hear from you.                                    Just click here for details of how to get in touch with us

Mortgage Remortgage Advice Eastbourne

FAQs

"I am looking to remortgage but don't know how"

There is no need to worry as we take care of all of the paperwork and administration on your behalf. At First Class we coordinate the new deal directly with the lender and ensure the solicitor acting for you receives a redemption from your existing lender.

"What fees are there when you remortgage?"

When you remortgage your home, there’s often an arrangement fee on a new mortgage. You may also need to pay valuation fees and solicitor fees (although most lenders offer this for free).  There may also be Exit fees if your existing mortgage hasn’t yet come to the end of its term. 

The most common reason why borrowers remortgage is to reduce monthly outgoings on their mortgage repayments. At First Class we have helped customers save £100s of pounds each month by finding them a lower interest rate on their mortgage with a different lender.

"I need more money to make Home Improvements"

Have you always wanted your dream kitchen but don't have the funds to make it happen? Perhaps you have a growing family but find moving house expensive and time consuming. If you are expecting a child, need more space or would like to improve your home, we can raise the funds you need for the works and build an extension. Whatever the reason, our remortgage advisers at First Class can help your borrowing needs.

"I need to pay off my Car Finance & Credit Card Debt"

Remortgage can be a great solution to helping you consolidate your existing debt against your property. You can increase the size of your mortgage and pay a much lower mortgage rate compared to high credit card or unsecured debt.

"My Fixed Rate is due to expire, What Do I Do?"

If your current 2 year or 5 year benefit period has or is due to expire soon, you will need to switch products or even your entire mortgage if you want to avoid the standard variable rate (SVR). Once your mortgage is on a SVR, it can become very expensive to make your monthly repayments. At First Class we deal with all the paperwork and will find you a better product to switch to so that you are getting the right deal at the right time.

"I'm confused about remortgaging, what’s a Product Transfer? "

A product transfer is when you move from one mortgage product to another, for the same amount of money, with the same lender. A product transfer will be quicker and easier than a remortgage and we can do this for you.

"My Interest Only Mortgage is coming to the end, Do I Need To Switch?"

If you mortgage is coming to the end of its term and you don't have the means to repay the capital, we can find you a new lender who can give you a new term. We can also help you start repaying the debt with an capital & repayment mortgage. At First Class we deal with all the paperwork and will find you a better product to switch to with a new lender so that you are getting the right deal at the right time.

Should you have any mortgage, equity release or insurance enquiries please contact Christian for further information

YOUR MORTGAGE IS SECURED ON YOUR HOME

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

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK. First Class Mortgage & Protection is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. FCA Number 913454

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