Remortgage

Simply put, a remortgage is when you already own a property and are looking to refinance which could be for one of several reasons as set out below:

  • In most cases, at the end of a deal, mortgages will revert to the lender’s Standard Variable Rate (SVR) which is often much higher. This increase in cost can be mitigated by ensuring a follow-on product is arranged.

  • This may allow for cost-effective home improvements, further boosting property value. It is not restricted to remortgage stage as both Further Advances (current lender) and Second Charges (alternative lenders) are possible during a current deal.

  • As property value increases (and the capital is downpaid), LTV will likely drop and may go into a lower category which tends to lead to lower mortgage rates. Remortgage stage is perfect to capture this change.

  • This is where additional borrowing is sought to pay off credit commitments in the background. Whilst it does simplify background loans into one payment, there is additional risk by securing the debt which will be discussed at the mortgage meeting.

    • It’s often easy to forget about a looming end of deal but if you are in this situation, whether you need a straight “pound for pound remortgage” or have slightly more complicated needs, reach out for asssistance today.
    LEGAL INFORMATION

    Latitude Finance Ltd is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).

    There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.

    Equity Release, Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Latitude Finance Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.

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

    Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.

    The guidance and/or advice contained within this website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK.


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