Remortgages

Your existing mortgage is about to end

It’s recommended to review your mortgage options a few months before your existing mortgage comes to an end. Whilst the deal you agreed to may have been a good one at the time, it’s better to search for a new one with better rates. This means you can benefit from lower monthly repayments. If you don’t change to a new deal, the original mortgage will revert to the lender’s standard variable rate (SVR). The SVR is likely to be higher than you’re paying now as well as being higher than alternative mortgage products.

You might be tempted to stay with your lender as an easy option but we can help you with every aspect of a remortgage. Contact us at least 4 months before your current deal comes to end. That gives us time to check the new deal your current lender has offered you, review your financial circumstances and search for competitive mortgage products that may be better for you.

You prefer to have different mortgage terms

Your circumstances may have changed since you took out your current mortgage deal and the terms are no longer suitable. You might want to make lower monthly repayments and are happy to make these over a longer term. On the other hand, you may have benefitted from increased earnings and want to overpay to reduce the amount you owe but your lender has refused.

Our mortgage brokers, based throughout Kent, Edinburgh and London, are available to help you with this. They can compare new mortgage deals with your existing one and, taking any early repayment charges into account, ascertain how much you can save.

You want to release some funds

If you have equity in your property, you may want to release some of it to make use of a lump sum of money. This can be to carry out home improvements, for example, or to pay for a big event, such as a wedding, or perhaps to consolidate some debts.

At Trinity Finance, we make this process quick and easy for you. Our professional mortgage brokers offer impartial advice and are experts at finding the best remortgage options to suit your needs.

When should you remortgage?

You can remortgage whenever you need to — this isn’t set in stone. The reasons for wanting to remortgage differ from person to person. However, if your current mortgage is coming to an end, it’s best to let us know 4 to 6 months beforehand. That gives us ample time to shop around on your behalf to make sure you get the best deal. It also ensures your current mortgage doesn’t automatically switch to your lender’s SVR. If that happens, it can potentially cost you a lot more for future repayments.

The costs involved when remortgaging

If your existing deal is stopped too early, you may be liable to pay an early repayment charge plus an exit fee. Check this with your current lender. It’s more than likely a new valuation will need to be carried out so factor that into your costs. A remortgage also involves the services of a solicitor so you also need to account for legal fees.

As the base rate is so low at the moment and interest rates are very competitive, some lenders may offer incentives. These can include free valuations and legal fees. Our mortgage brokers will compare the savings you can make with each mortgage product to find the best remortgage deal for you.