Remortgage your property with My Mortgage Co
If you’re thinking about remortgaging but you’re unsure whether or not it’s the right decision for your circumstances. My Mortgage Co are here to help and advise you on your remortgage options.
Remortgaging a property can improve your situation financially, either raise initial capital, allowing you to consolidate any debts, pay off your mortgage earlier or simply just reducing the size of repayments on an existing mortgage.
In short, remortgages are when you switch your existing mortgage to a new deal, either with your existing lender or different provider. You’re not moving house and the new mortgage is still secured against the same property.
If you cannot find the answer to your remortgage question, give us a call on 0800 1 777 333 or drop us an email and one of our mortgage advisors will get back to you.
Why Should I Remortgage?
The more equity you have and the lower your loan to value (LTV), the more competitive the rates you’ll qualify for. There can be a large number of reasons for making the switch, including:
- To reduce the interest rate on your mortgage – one of the most common reasons
- To fix your monthly payments for a longer period of time
- Raising money to carry out home improvements
- Consolidate your personal debts
Taking a new interest rate could really save you money by taking advantage of a new offer. Another popular reason to remortgage is the option to consolidate all of your debts into one payment – however, be aware that as this means securing more debt against your home it may cost more in the long run, and it’s something you should seek advice on.
How Do I Go About Arranging A Remortgage?
Usually, there are steps to follow before applying for a remortgage:
- The first thing you need to do is establish your loan-to-value. This means you need to add how much you want to borrow to the value you hold in your current property and any additional borrowing you need, as this will tell you what your house is worth.
- Once you know how much your house is worth, you need to check you meet the affordability criteria of any potential lenders. Each lender will have different lending rules and as a result, they will take different factors into account when it comes to your affordability.
- Next, you need to think about the type of mortgage you want to borrow. Whether you want a fixed-rate mortgage or an interest-only mortgage, you need to think about what deal is going to be best for you, your local mortgage advisor can help you decide which option is best for you currently.
Speak to our mortgage adviser today to get the best remortgaging advice for your current circumstances.
Do you need a deposit?
As you have equity in the home you already own, you don’t need to have a deposit to remortgage.
Will it affect your credit score?
Remortgaging is actually a great way to rebuild or improve your credit history as you can use it consolidate multiple debts and keep a better track on payments.
Is it cheaper to remortgage?
A remortgage will allow you to reduce the loan size and potentially get a cheaper rate as a result. There maybe an early repayment charge or exit fee, but our mortgage advisor will compare this to how much you’d save with the new, lower mortgage.
My Mortgage Co.
Top Floor, Hartley House,
128a Burton Road, West Didsbury,
Manchester M20 1JQ
Mon – Fri: 9.00 – 18.00
Sat: 9.00 – 14.00