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Why you need to remortgage

Updated: Aug 1, 2023

Want to remortgage and make sure you get the most suitable deal? Or maybe you’re not sure if you should remortgage, or how to go about it? As experienced mortgage advisers, Beewise FS Ltd are here to make the process as straightforward as possible and recommend the right choice for you.

What is remortgaging?

Remortgaging is when you switch from your current mortgage deal to a new one with a different provider. Most people take out a mortgage deal for a certain period of time when they first buy their home – this could be 2 years, 5 years or longer. Once this period ends, you’ll switch onto the lender’s standard variable rate, an interest rate that can change regularly.

When switching to a new deal, the amount you repay is transferred to another mortgage policy which might have a different interest rate, different monthly repayments and new terms.

Why remortgage?

There are lots of reasons why people remortgage, all depending on your current circumstances – here’s just a few:

· To reduce monthly repayments with a mortgage offering a better rate

· You’re worried about interest rates increasing and want the security of fixed monthly payments

· Switching from a variable rate mortgage to a fixed term one

· To increase monthly repayment and pay off your mortgage faster

· The value of your property has increased, which could mean potential savings on your current rate and/or monthly payments

· Raising additional funds

We’d always recommend using a Beewise advisor when looking to remortgage, as we’ll talk through your current situation and future plans to help decide the right mortgage for your needs.

Can I borrow more money?

Yes! Some people are happy to keep their borrowing the same and reduce monthly payments, or bring down the number of years left on their mortgage. But some want to borrow additional funds on top of their current mortgage balance.

This could be for home improvements, like an extension, a conservatory, or just general updates. You could also borrow more and use this to repay other debts like loans and credit cards, consolidating it into one payment. Or, you might want to borrow a lump sum to use as a deposit towards a second home or Buy to Let property. As Buy to Let specialists we can also give you advice on becoming a first-time landlord and put a Buy to Let mortgage in place, helping you through the whole process.

How Beewise helps you

We’re experts on the getting the most suitable mortgage for your needs, so you can be confident your new deal is right for you. We work with lots of different banks and building societies, so your advisor will have access to a whole host of deals which can change daily, and we know the different lending criteria required in different situations. Whether you’re self employed, have less-than-perfect credit, or just want the best deal available to you, we’re here to do all the legwork and find you the right lender. We also offer same day appointments evenings and weekends, are on hand from start to finish, and work with estate agents and solicitors on your behalf throughout.

When can I remortgage?

Contact us today and we’ll start the process now! If you’re currently in a fixed deal, we can set up a new one 6 months before it’s due to finish. But if you’re looking to switch before this, your Beewise adviser can calculate any early repayment charges and work out the savings you could make by switching early if suitable. Or, if you’ve already reverted onto the lender’s standard variable rate, we’ll get the most suitable deal for you ASAP.

Liked this article? Then Pin it for later! For more expert advice, or to discuss remortgaging, click here to contact us or call 01934 204841.

With evening and weekend appointments available and a 5 star rating on Google, we’re here to make mortgages and protection easy.

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

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

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