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When should I remortgage?

You can actually think about your remortgage whenever you want. But here’s the deal – if you’re not at the end of your fixed or discount rate term, there’s a chance you might have to cough up an early repayment charge.

Most people tend to look into remortgaging when they reach the finish line of their fixed or discount rate term. That’s usually the time when their current mortgage deal might not seem as great as it used to be.

Should I Remortgage?

When you initially secured your mortgage, it probably came with an attractive offer. However, as time goes on, the mortgage landscape evolves, and new deals emerge. This means that there might be a more favorable option available to you now, potentially saving you money.

The good news is, you don’t necessarily have to switch to a different lender.

Remember to examine whether there are any arrangement or product fees with the new mortgage you’re considering. Also, take into account any early repayment charges imposed by your current lender if you’re ending your current mortgage deal prematurely.

These additional costs can impact the overall expense of remortgaging and may influence whether it’s more cost-effective than sticking with your existing arrangement.

Can I remortgage to consolidate debt?

The answer is yes. When you’re juggling a load of debt, the idea of borrowing a bit extra to knock out those debts can be pretty tempting.

Now, here’s the thing: mortgages typically come with lower interest rates than personal loans or credit cards. But, and it’s a big but, if that new loan stretches out over a longer period, you might actually end up shelling out more in the long run

So, instead of lumping all your debt onto your mortgage, it often makes more sense to tackle your loans one by one. Prioritizing your debts can be a more effective way to manage your financial situation.

If you’re in a situation where remortgaging to consolidate debt seems like the only way out, don’t go it alone. Seriously, get some solid advice. Talk to a good mortgage advisor who can give you the lowdown on the best steps to take. It’s like having a trusted guide to help you make decisions that really work for your financial future.

What’s the Standard Variable rate?

Once your fixed-rate deal reaches its end, you’ll typically find yourself shifted to your mortgage provider’s Standard Variable Rate (SVR). Now, this SVR might be higher or lower than what you were previously paying, but here’s the kicker – it’s a variable rate. That means the certainty of knowing your exact monthly mortgage cost will vanish.

Here’s the silver lining, though: if you’re currently on an SVR, switching to a fixed-rate deal could be a money-saver. It not only potentially trims your expenses but also provides the peace of mind of consistent, predictable monthly mortgage payments throughout the deal’s duration. It’s like having a steady ship in the unpredictable sea of monthly bills.


Understand Your Credit File 

When greeting ready to apply for a mortgage it’s essential you understand your credit history.


We recommend Check My File who offer a 30 day free trial (usually £14.99 per month, you can cancel at anytime) 


The Check My File Report provides you with a summary from three different credit reference agencies (Experian, Equifax & TransUnion).

Mortgage lenders use different credit reference agencies and you are able to see what the lender see prior to making any applications.



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