Need to remortgage but time is running out?

Remortgaging your home can be just as important as deciding to buy a property in the first place. With interest rates currently sitting at a 15-year high, it’s understandable that you may be concerned about how this could impact your mortgage repayments once your current deal comes to an end.

If your fixed-term mortgage deal is set to expire soon, you need to think proactively to ensure that your monthly repayments remain affordable. If you delay in arranging a new mortgage deal you could find yourself switching to your lender’s standard variable rate (SVR), which is typically higher than other mortgage services.

It is generally advisable to begin thinking about your next mortgage deal between three and six months before your existing arrangement is due to end. However, it’s an unfortunate truth that things can happen that cause us to prioritise other things – or worse still forget entirely!

Speak To An Advisor – It’s Free

If the end of your fixed-term deal is on the horizon and you haven’t prepared yet – don’t panic! If you are unsure what to do next, talking to a mortgage broker will help you decide what the best solution is.

How quickly can I remortgage?

It will normally take around four to eight weeks to remortgage your property, but keep in mind that this isn’t always guaranteed. If there are delays along the way, it can add weeks to the remortgaging process.

One of the fastest ways to remortgage your property can be to stick with your current lender. If your lender offers you a new deal, this will be a product transfer or a rate switch instead of a remortgage.

It’s important to remember that this option may be the quickest option, but it isn’t necessarily the cheapest so it’s always worth checking with a mortgage broker to help you shop around before you commit to a rate switch.

Can I still remortgage if my circumstances have changed?

It’s not uncommon for customers to delay remortgaging because they are worried that a change in circumstances will mean that they are unable to qualify for a new mortgage.

It’s true that a change in circumstances, such as losing your job, becoming self-employed or the value of your property falling can make it more difficult to secure a new mortgage deal. A failed mortgage application can also have a negative impact on your credit score.

However, a change in circumstances doesn’t make remortgaging your home impossible!

You may for example, be able to arrange a new deal with your existing lender based on your track record of meeting payments, or find that some banks are more willing to lend than others.

If you find that your circumstances have changed and are worried about remortgaging your property, having a broker to talk to can go a long way toward alleviating the problem. Again, by relying on in-depth industry experience and by comparing hundreds of mortgage products, a broker can search out a deal that fits with your unique situation.

Fix your mortgage today.

Speaking to a mortgage broker sooner rather than later can help you fix your mortgage at an affordable rate. At Edward Mellor we speak to more than 50 lenders, offering over 2,000 products to find the best deal for you. These include exclusive deals with high-street lenders that you won’t find anywhere else. 

For the best friendly, expert advice contact us today or give us a call on 0161 443 4830. 

We’ll take care of the whole remortgaging process, from liaising with lenders right through to the paperwork. 

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