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What is Remortaging and is it for me?

Remortgaging refers to replacing your current mortgage deal with a new one. This could be with your existing lender or with a different one. The main objectives of remortgaging can vary:

•    Seeking a better mortgage deal when the existing one expires.
•    Avoiding a potentially higher standard variable rate.
•    Consolidating debts.
•    Raising funds for home improvements or other financial needs.

Remortgaging allows homeowners to assess their financial position and make decisions that could save them money or align more closely with their current needs.

Think carefully before securing other debts against your home. 

Consolidating debt may reduce your outgoings now, however you may pay more interest over your mortgage term. 

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


Why should I Remortgage?
Let's look at reasons people choose to remortgage.


Your Current Deal is Nearing it's end
Many mortgage deals, especially the best ones, last for a short duration, often between two to five years. Once it expires, your lender might transfer you to its standard variable rate (SVR), which could be higher than current market rates. Starting your search 3-6 months before your rate ends can help you secure a more competitive rate.


Seeking a Better Rate
Current interest rates might be more favourable than what you were locked into years ago. While remortgaging can result in savings, weighing these against potential early repayment charges and other associated fees is crucial.


Increased Property Value
A significant rise in your property's value might shift you to a lower loan-to-value band, making you eligible for more attractive interest rates.


Anticipating Interest Rate Changes
If there are predictions of the Bank of England base rate increasing, it might directly influence your mortgage payments.


Desire for Overpayments
Some mortgage deals may not allow significant overpayments. Remortgaging could be an option if you've recently come into extra money and wish to reduce your loan size.


Switching Mortgage Types
Changing from an interest-only to a repayment mortgage (or vice versa) might be a reason to consider remortgaging.


Borrowing More
Remortgaging might offer a solution if you need additional funds for valid reasons like home improvements or debt consolidation.


Seeking More Flexibility
A change in personal circumstances could necessitate a more flexible mortgage. Some deals allow features like payment holidays or combine savings with the mortgage.

When Should I Remortgage?

Technically, you can remortgage at any point. However, it's crucial to be aware of potential early repayment charges, especially if you're not at the end of your fixed or discount rate term. Most homeowners choose to remortgage at the end of these terms, as it's often when a mortgage might no longer be the best deal available. It's recommended to start your remortgaging search around 14 weeks before you wish to make the switch.

At Envoy Financial we provide expert guidance and advice on remortgaging, ensuring that your financial decisions are well-informed and beneficial. Whether you're looking for a new deal, consolidating debts, or raising capital, we're here to assist you every step of the way

Advice You Can Trust

Your remortgaging journey should be grounded in trust and reliability. And our Trustpilot reviews from satisfied clients offer just that reassurance.

I can't recommend envoy financial enough. When buying our first home Ross was amazing. Ross was patient and understanding. He was there to answer all our question morning and night. 

Sophie Borthwick


I entered this new life chapter with completely zero knowledge of how I wanted to proceed, one thing I did know was that I wanted to buy my first home. I was recommended Ross by a close friend.

Abby Todd


Couldn't give any higher praise to Envoy for their help in securing me a mortgage for my first home. Ross was absolutely brilliant and by far the most helpful and honest person along my house buying journey.

Liam Hopkins

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