Many borrowers choose to remortgage in order to take advantage of the new rates on offer.
Sometimes it is not about saving money, it could be that you want to reduce your monthly repayments or need more flexibility.
Remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may make the decision to remortgage for a number of reasons.
- To save money by switching to a better deal
- In order to consolidate debt
- To carry out home improvements
- In order to consolidate debt or raise funds
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
We can search a number of mortgage deals, some of which may not be available online. We can find the right deal for you and compare costs and flexibility with the mortgage deal you currently have.
In the current mortgage market you'll need a deposit of at least 5% of a property's value to get a mortgage.
Fixed rate mortgages
Monthly payments are fixed for a set period of time.
Variable rate mortgages
Payments are variable and usually based on the UK economy and the Bank of England's base interest rate. This means the rate could go up and down.
Capped rate mortgages
Interest payments may vary depending on an interest rate set by the lender but they can't go above a certain amount.
This is where your savings are placed in an offset savings account, the amount in your savings account can help reduce the interest you pay on your mortgage debt.
Expert Mortgage Advice
Regardless of whether you're a first time buyer, home mover, or looking to remortgage to another lender to take advantage of a better mortgage deal, the mortgage market can be a confusing place. There are numerous mortgage deals on the market, which we can explain the pros and cons to you.
The advantage of using an experienced broker is that we can personally handle your mortgage application from beginning to end.
Are you looking to purchase a property, remortgage or buy-to-let? or simply want some expert mortgage advice? Then Michael James at Trafalgar Mortgages & Financial Services can help. Trafalgar Mortgages & Financial Services based in Plymouth offer mortgage, remortgage and protection advice.
For details of our fees for mortgage business please see our page Our Fees
Please contact us for advice in choosing the right mortgage for your needs.