Remortgaging

How to remortgage your home

Despite the fact that many properties have decreased in value due to the recent financial crisis, the average house price in the UK still stands at £167,423. While this is good news for people that have been homeowners for some time, first-time buyers are finding it increasingly difficult to reach even the first rung on the property ladder. People that wish to remortgage are now being faced with the fact that it is much harder to do than it was 5 years ago, and, overall, mortgages are much harder to come by.

Moving your mortgage

You may want to remortgage if you find yourself undergoing a change of circumstances, or realise that your current mortgage deal is no longer competitive. If you are on a variable mortgage, it is likely that you will save a significant amount of money by simply switching to a fixed, tracker, discounted or capped-rate mortgage.

If you want to remortgage, you will have to provide your prospective lender with your financial information and fill out a set of forms. The next step will be for your new lender to arrange a valuation of your home, which will determine the amount of your new mortgage.

Many people are too scared to remortgage as they think it will be a costly and complicated process. This is not the case and you can end up saving a lot of money just by shopping around.

Get advice on remortgaging from a mortgage expert

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