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
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
Once your new mortgage is approved you can begin to enjoy reduced monthly costs, or have funds transferred for home improvements
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.
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.
There are many good reasons to look into remortgaging. The two most popular reasons why people choose to remortgage are:
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.
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 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.
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.
Contact us and we will help you identify which product is best suited to your needs. Please tell us:
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:
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
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.
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.
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.
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.
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.
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.
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.
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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