A remortgage is when you change the mortgage lender you currently have to a new mortgage lender.

If you are within 6 months of the end of your current mortgage deal we can look at a new deal with your current lender or a new lender. If we were to recommend a new lender this is a remortgage. If you do nothing you will revert to your current lenders standard variable rate (SVR) which will typically be higher than current rates.

A remortgage is when you change the mortgage lender you currently have to a new mortgage lender.

If you are within 6 months of the end of your current mortgage deal we can look at a new deal with your current lender or a new lender. If we were to recommend a new lender this is a remortgage. If you do nothing you will revert to your current lenders standard variable rate (SVR) which will typically be higher than current rates.

There are a number of reasons why you may want to remortgage such as :

• Your current lenders deal is due to end within the next 6 months.
• You want to make changes to your existing mortgage eg the term, the repayment method, add or remove a party.
• You wish to release equity (this is the value of your home less the outstanding mortgage balance) You can pretty much release equity for any purpose on a residential mortgage. Eg home improvements, debt consolidation, a 2^nd property, gift of deposit, car,  caravan, pay off a help to buy loan, the list is endless.

Equity release important considerations

Releasing equity over your mortgage term will mean the payments are lower than other forms of finance as typically a mortgage is over a longer term, however you could end up paying back more interest as the longer the borrowing term the more interest you pay.

Split term remortgage

There are lenders that offer a split term remortgage which means we could look at equity release over a shorter term, for example if you wanted to buy a new car. Typically, your new car will not last the length of your mortgage term so this is a consideration to reduce interest paid.

If you are moving from another lender the process is far easier than you may think. Here at Grosvenor May we will ensure the process is hassle free. We will provide tailored advice to ensure we meet your priorities & recommend the right deal for you. Your new lender will appointment a solicitor on your behalf & we will support you with the paperwork. The legal work for a remortgage is a far simpler than a purchase.

There may be a product fee with the new lender to secure a lower rate, but we will advice if this is appropriate & there will usually be deals with no fees if your priority is to avoid this.

Lenders will often offer a reduced or fee free remortgage package, this means the valuation & legal fees will be reduced or free.

There may be an exit fee from your current lender, typically £50-£200.

If you were to leave your current lender before your current rate expires you would be subject to an early repayment charge (ERC), however we could still secure a new deal for you 6 months prior to your existing deal ending as we would not start your new mortgage until the ERC period has expired.