Once you have been living in your home for a few years, you may want to consider remortgaging. Switching mortgage providers is actually quite common and there are a number of different reasons why people choose to remortgage, such as; their circumstances have changed and they need to reduce their mortgage repayments, their current mortgage is no longer competitive or they’re interested in releasing some of the capital tied up in their home. 

Regardless of your reasons for wanting to remortgage, there are a few things you can do to make the whole process of switching mortgage providers as easy as possible. Below we have put together a list of our top tips for remortgaging your home. 

Work with an experienced mortgage adviser 

There are so many different things to consider when choosing a new mortgage product and finding the right deal isn’t always easy. When you enlist the help of an experienced mortgage broker, you can ensure that you’re opting for a mortgage that meets all of your specific requirements and that has the most competitive terms. 

Ultimately, a mortgage broker can shop around for you, saving you a lot of time and stress, and they can help you get the best new mortgage deal. In addition to providing you with sound and impartial advice, some mortgage brokers may even have access to exclusive schemes which aren’t currently available on the high street. This is undeniably advantageous. From start to finish, a good mortgage broker can make the whole remortgaging process as smooth as possible. 

Always check for penalties you may incur

Whilst you can switch mortgage providers at any time, you may find there are some penalties associated with remortgaging your home at certain times. If you have a fixed rate deal, for example, remortgaging midway through this deal can sometimes be quite costly and you need to take into consideration any additional costs when weighing up your options. Depending on your circumstances, it may be beneficial to wait a little bit longer to switch providers. 

You can generally expect to come across fees such as; Early Repayment Charges, valuation fees, arrangement fees and legal fees, when you’re remortgaging. A mortgage broker will explain all of these extra costs to you and they will help ensure there aren’t any nasty financial surprises when you decide to switch mortgage providers. 

Plan ahead before remortgaging 

When remortgaging, you need to make sure that you’re finding a new mortgage deal far enough in advance. When you currently have a fixed-rate mortgage, if you don’t plan ahead you may be moved to your lenders’ standard variable rate, which will likely increase the cost of your monthly mortgage payments. So, you should ideally start comparing the options on the market three to four months before you plan to switch mortgage providers. 

It’s important to note that when you remortgage, affordability and stress testing will still be undertaken. All of the information that was required when you took your original mortgage will be required again at this time and it’s useful to get prepared. If you’re not sure what a mortgage lender will want to see, a mortgage broker can inform you of standard requests. 

Switching mortgage providers

If you’re interested in remortgaging your home and you’d like some assistance when doing so, don’t hesitate to contact us here at Mortgage Required today. Our team of experienced mortgage brokers will gladly provide you with the guidance you need when switching mortgage providers and you can rely on us to make the whole process as hassle-free as possible. Since 2001, we have been helping clients get the most competitive mortgages available to them and we review the whole market, comparing hundreds of products to ensure you find the right solution for your individual needs. What’s more, our advice is free, so get in touch with our team of experts to find out how we can help you remortgage