As the new year approaches, it could be a great time to review your mortgage options and consider whether remortgaging could benefit your circumstances. Whether you’re looking to secure a better deal, release equity, or consolidate debt, proper preparation is key. Here’s how to get started:
1. Understand Your Current Mortgage Terms
Begin by reviewing the terms of your existing mortgage. What is your current interest rate? When does your fixed or introductory rate end? If your deal is coming to a close, it’s a good time to explore remortgaging options to avoid switching to your lender’s Standard Variable Rate (SVR), which could be higher.
2. Review Your Financial Situation
Your circumstances may have changed since you first secured your mortgage. Has your income increased? Have you paid off any significant debts? These changes could make you eligible for a more competitive rate. Helen Ferneyhough Associates mortgage broker’s can help you assess your eligibility and recommend the most suitable options.
3. Start Early
Experts recommend starting the remortgaging process at least six months before your current deal ends. This gives you plenty of time to explore and secure the best rates available. You may be able to lock in a rate now and then right up until completion if the rates improve, we can change the rate for the better.
4. Use a Mortgage Broker
Helen Ferneyhough Associates can help simplify the remortgaging process by providing access to a wide range of products, including those not available directly to consumers. We can help handle the paperwork, negotiate with lenders, and ensure you’re getting the most suitable deal for your circumstances.
Remortgaging can be a smart financial move, so make sure you’re well-prepared. Contact Helen Ferneyhough Associates today for the right advice and a no-obligation mortgage review.
Disclaimer:
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £695 and this will be discussed and agreed with you at the earliest opportunity.
Your home may be repossessed if you do not keep up repayments on your mortgage.
