Remortgage

Remortgaging your property means to switch your existing mortgage to a new deal whilst owning your current property. You can choose to remortgage with the same lender, or look for other providers. As it is not a new home or a move, you are still secure against your existing property

There are many reasons as to why people want to remortgage their property. It could be that they are seeking a better deal or that they are looking to access equity.

If you are seeking a better deal, your current deal may be coming to an end. You might want to find better interest rates or you could be at a time where you are able to start to overpay but your current lender won’t allow you. Whatever your reason may be, the team at P&M Financial is here to give you guidance

If you are remortgaging to access a sum of money (equity) You have the potential to free up cash to pay for an extension on your home. For example, increasing your mortgage usually means that your monthly payments also increase. Depending on your age group, you may be able to increase how long your mortgage term lasts in order to keep this balanced.

Yes, when you remortgage your home, there are some fees that you may have to pay. This will be

• Arrangement fees to the lender
• Valuation and Solicitor fees (some lenders may include this in their remortgage deal)
• Administration charge
• A fee for finding a new mortgage
• Early Repayment Charges (if your current mortgage has not yet come to an end)

All fees needed will be discussed with your mortgage advisor. Remember you need to take account of any fees when working out if you will save money overall.