Re-mortgaging, whether for your home or a buy-to-let property, involves moving your mortgage from one lender to another to secure better terms. Here are the key points to consider:

1. Why Re-Mortgage?

• Better Rates: Secure lower interest rates and reduce monthly payments.
• Debt Consolidation: Combine other debts like loans or credit cards into your mortgage.
• Capital Raising: Borrow additional funds for purposes like home improvements or property investments.

2. Timing Your Re-Mortgage

• Start looking at least three months before your fixed deal ends.
• Most offers are valid for six months, giving you time to switch without reverting to your lender’s higher Standard Variable Rate (SVR).

3. Costs and Legalities

• Consider fees like arrangement charges, valuation costs, and legal expenses.
• Many lenders offer free legal services as part of their re-mortgage packages.

4. Choosing the Right Lender

• Factors like loan affordability, credit commitments, and lending criteria play a role.
• Mortgage advisers can access the entire market, ensuring tailored options that meet your needs.

5. Credit Checks

• Lenders may conduct hard or soft credit checks.
• Advisers help minimize unnecessary hard checks to protect your credit score.

6. The Role of Mortgage Advisers

• They simplify the process, find competitive deals, and save you time.
• Advisers assess affordability, portability, fees, and early settlement charges—factors often missed by online comparison sites.

7. Considerations for Debt and Capital Raising

• Debt Consolidation: While it can reduce monthly payments, ensure long-term interest costs are manageable.
• Capital Raising: Use funds for home improvements, education, or property investments, keeping loan-to-value limits in mind.

By starting the process early and consulting a whole-of-market mortgage adviser, you can secure the most suitable re-mortgage deal for your circumstances. For personalized advice, contact us at 0141-424-0267