Mastering the art of remortgaging
Valuable insights to help you make informed decisions
12/01/2024
Remortgaging can be a savvy financial move, providing homeowners with the opportunity to secure better terms, reduce monthly payments, or release equity from their property. Here at Feel Good Financial, we understand the intricacies of the remortgaging process and our team of mortgage and protection specialists is here to share valuable insights to help you make informed decisions.
Assess your current mortgage
Before diving into the remortgaging process, it's crucial to evaluate your existing mortgage. Take note of your current interest rate, outstanding balance, and any associated fees. Understanding the specifics of your current mortgage will empower you to make informed comparisons with potential new deals.
Credit check and financial health
A healthy credit score is a key factor in securing favourable remortgage terms. Request a credit report to identify any discrepancies or areas that need improvement. Addressing outstanding issues and maintaining a good credit score will increase your chances of qualifying for the best deals.
Understand your property’s value
The value of your property plays a significant role in determining your eligibility for remortgaging and the available options. Conduct a thorough property valuation to get an accurate estimate. Keep in mind that an increase in property value can provide an opportunity to access better deals or release equity.
Evaluate your financial situation
Consider your current financial situation, including income, expenses, and long-term financial goals. Determine whether your circumstances have changed since taking out your initial mortgage and if your requirements align with the features offered by potential remortgage deals.
Research the market
Stay informed about the current mortgage market trends and available deals. As mortgage brokers, we have access to a wide range of lenders and can help you navigate the market to find the most competitive rates and terms tailored to your needs.
Consider fixed vs variable rates
When remortgaging, carefully weigh the pros and cons of fixed and variable interest rates. Fixed-rate mortgages offer stability with predictable monthly payments, while variable rates may provide flexibility but come with the risk of market fluctuations. Choose the option that aligns with your risk tolerance and financial goals.
Factor in fees and costs
While seeking a better interest rate is a primary goal, it's essential to consider associated fees and costs. These may include arrangement fees, valuation fees, and legal fees. A mortgage broker can help you assess the overall cost of remortgaging and find deals that offer the best balance of rates and fees.
Consult with a mortgage broker
Engaging the services of a mortgage broker can streamline the remortgaging process. Brokers have access to a wide network of lenders, possess market expertise, and can negotiate on your behalf. Their guidance can be invaluable in finding the most suitable remortgage deal based on your unique circumstances.
Conclusion
Remortgaging is a strategic financial move that requires careful consideration of various factors. By assessing your current mortgage, understanding your financial health, and staying informed about market trends, you can make informed decisions to secure the best possible remortgage deal. Consulting with a mortgage broker adds an extra layer of expertise, ensuring you navigate the process with confidence and achieve your financial goals.
Feel Good Financial is here to help you
If you want help with remortgaging, a mortgage, or protection products, then please get in touch. We will advise you on the most suitable remortgage or mortgage for you from our extensive panel of lenders. We are happy to give you a free, no obligation remortgage/mortgage consultation to go through your options.
We can help you with your remortgage/mortgage and protection needs, and will be with you to support you every step of the way.
Contact us now on 0800 5053355 or email info@feelgood.financial
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £695 for a purchase application and £300 for a remortgage.
For our mortgage advice services, we will charge a fee of between £150 and £995. The standard fee for purchase applications is £695 and £300 for remortgages/product transfers. This charging structure is based upon the amount of research and work involved in administering your mortgage. You will not receive a refund if your mortgage or loan does not go ahead. We will also be paid a procuration fee from the lender. The amount of the procuration fee will be disclosed to you. You have the right to ask us for information about the levels of commission payable to us by the lenders whose products we offer. If an application is submitted to a lender via a packager we will be paid commission by the packager. This will be disclosed to you. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.