News & Blog

Ready to remortgage?

27th April 2018

In certain cases, the desire to remortgage may be a reactive one such as coming towards the end of your deal period, or that you’re already sitting on your lender’s Standard Variable Rate (SVR).

Alternatively, it could be for proactive reasons such as wanting to improve on your current deal, looking to move, or perhaps to raise some additional funds for much-needed home improvements.

End of deal period

Possibly partly due to some excellent rates over the last few years, a number of the borrowers who remortgaged may now be coming towards the end of two or three-year deals. Dependent on the type of deal taken out a few years back, some may be pleasantly surprised to see that what’s on offer.

On the lender’s SVR

Alternatively, if you’re on an SVR (or about to revert to it), then you are likely to be paying out more for your loan.

In some cases, there are people who have remained on it who feel they would not be able to secure a new deal due to the more stringent requirements that are now in place. That may be the case, but just as easily it might not. Also, other factors such as your property possibly now being worth more, may strengthen your ability to borrow. If nothing else, it makes sense to have a chat.

Improve, not move

Instead of moving, you may want to remain where you are. In which case, you might have had enough of holding back on your spending over the last few years and want, or need, to undertake some of the bigger jobs around your home. This may require additional funds to help make it happen.

Secure a more suitable deal

This could relate to cost savings, or perhaps changing the structure of your deal. For example, it could mean moving to a fixed or variable tracker mortgage.

You may want a deal where you have greater flexibility – perhaps to overpay, or need the option of a payment holiday.

Or, you may currently be sitting on an interest-only deal, and need to consider if the discipline of a ‘repayment’ mortgage is now a better option – where you’ll be paying more, as part of the capital will be paid off as you go along. Check out the mortgage calculator to see how this may pan out.

Alternatively, you may decide that you want a different length of deal period term – shorter, to give you greater flexibility and avoid the more onerous early repayment charges, or longer to help you to budget better across the next 5+ years.

Use our mortgage calculator for an indication of what your mortgage repayments may look like.

See our latest mortgage deals for an indication of the latest mortgage offers available.

Whatever your requirements are, when you do come to remortgage, it’s likely that you may face a bewildering choice of products and that’s where we can help.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Call us and one of our team will be happy to help or arrange a call back
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Gale and Phillipson Investment Services Ltd, Gale and Phillipson Advisory Services Ltd, Gale and Phillipson General Financial Services Ltd and Gale and Phillipson (SE London) Ltd are all authorised and regulated by the Financial Conduct Authority (Reference Numbers 431387, 142752, 195080, 195522).  Gale and Phillipson (Herts) Ltd and Gale and Phillipson Consulting Ltd are appointed representatives of Gale and Phillipson Advisory Services Ltd.  Gale and Phillipson (Surrey) Ltd is an appointed representative of Gale and Phillipson Investment Services Ltd. (Reference Numbers 615821, 811525, 703337). All companies trade under the name Gale and Phillipson and are registered in England and Wales numbers 05409822, 02232959, 03751076, 04077157, 08864945 and 04823391.  Registered office for all companies is Gallowfields House, Fairfield Way, Richmond, DL10 4TB.

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