Best Remortgage Deals Broker
Remortgages explained
When you take out a new mortgage, you normally receive an introductory deal – for example, a lower fixed or discounted rate or a tracker rate for a set period of the mortgage.
Looking for a new mortgage deal?
You may want to consider a remortgage if you’re coming to the end of your existing mortgage deal and may be looking for a new deal.
Remortgage or Product Transfer?
Your lender will almost certainly have some deals with a lower rate of interest than its SVR, which should be considered. Visionary Finance will consider all of the options available to you.
Working with Visionary Finance
We can also help if you are looking to increase your mortgage to release capital tied up in your property, whether that’s to make improvements to your home, buy an alternative property, generate a deposit for your children or maybe to fund that once-in-a-lifetime holiday. Let us know what you are planning, and we’ll help to make it happen.
We work with
LENDERS
Over
5 STAR REVIEWS
Recent Reviews
HOW DOES A REMORTGAGE WORK?
A remortgage is a financial transaction that allows homeowners to replace their existing mortgage with a new one. This process is an essential tool for managing your finances, reducing monthly payments, and even using the equity built up in a property.
How does it work?
The remortgaging process is similar to getting a mortgage in the first place. Some specifics differ, but the process is largely similar, with similar application fees. Here is how it usually works:
Assess your Requirements
Before starting the process, it is essential to evaluate the market situation and your financial goals. For example, do you want to reduce your monthly payments, release equity, or shorten the mortgage term?
Research for Deals and Costs
Research different lenders and mortgage products to find a suitable deal for you. Mortgage brokers can often help you find some of the best remortgage deals in the UK based on your financial situation, in addition to helping you with calculating the actual cost of remortgage. They will also consider the cost of switching to ensure it is financially economical.
Consider a Product Transfer
Your mortgage broker may consider you staying with your current lender and switching to a new deal with them. The benefit of doing this is that the lender wont need to fully re-assess your options. However you will have very little flexibility in reducing the term, increasing the loan amount or changing any aspects of your mortgage as this will require a formal reassessment.
Make the Remortgage Application
If the remortgage option is the preferred then an application process commences. This process is very similar to the application process made when you first applied for a mortgage.
WHEN IS IT A GOOD TIME TO REMORTGAGE?
Homeowners go for remortgaging for various reasons. One of the most common motivations is to secure a better interest rate. Interest rates fluctuate over time, and homeowners often opt to remortgage when rates are lower than what they initially locked in. This can significantly reduce monthly mortgage payments, saving homeowners a good amount over the life of their loan.
Remortgage Before the End of a Fixed-Rate Term
Many homeowners opt for a fixed-rate mortgage to provide stability in their monthly payments for a specific period. When your fixed-rate term is about to expire, it is an excellent time to explore remortgage options. At the end of your fixed-rate period, you will typically be moved onto your lender’s standard variable rate (SVR), which tends to be higher.
We recommend that you start looking for a remortgage 4-6 months before your fixed rate period is about to end. This way, you have plenty of time to explore better deals before you have to start paying variable-rate interest.
Remortgage for Building Equity
As you make mortgage payments, you gradually build equity in your home. If the value of your home has substantially increased or you have paid down a significant portion of your mortgage, you may be eligible for a lower loan-to-value ratio (LTV). This can result in more attractive remortgage offers.
If that is the case with you, you can start looking for a remortgage based on the situation of the property market, as well as, your personal finances. If either of those is in your favour, you can consider making a change.
HOW DO I IMPROVE MY CHANCES OF GETTING A GOOD REMORTGAGE?
Improving your chances of securing a good remortgage deal involves several key steps and considerations. By taking these actions, you can enhance your eligibility for favourable terms and potentially save money in the process.
Monitor your Credit Score
Your credit score plays a crucial role in your ability to secure a good remortgage deal. Lenders use your credit score to calculate your creditworthiness. It is important to ensure that your credit report is accurate and up to date. Make sure that you pay bills on time, reduce outstanding debts, and avoid opening new lines of credit.
Reduce the amount you have borrowed
If you have savings perhaps consider paying off a lump sum off your principal amount. This will increase your equity in the home and reduces the loan-to-value, making you less risky to lenders. Lower LTV often results in better remortgage deals.
Assess your Home’s Current Value
The updated value of your home is a crucial factor in your remortgage application. If your home has appreciated in value since you first purchased it, your LTV ratio might be lower. You can get a professional property valuation to determine the current market value of your home. If the property market has gone down, you might want to consider waiting before you apply for a remortgage.
Consult with a Mortgage Broker
Mortgage broker can provide valuable insights and guidance on the remortgage process. They have access to a wide range of lenders and mortgage products, and they can help you find the best deal based on your specific financial situation and goals.
HOW CAN A MORTGAGE BROKER HELP IF I NEED TO REMORTGAGE?
When you are considering remortgaging your home, you may come across a number of products from many different lenders. Understanding the specifics of these and weighing the pros and cons of each option may be difficult if you are doing it all on your own. Instead, if you take assistance from a reputable remortgage broker in the UK, such as our experts at Visionary Finance, the process becomes much simpler. Here are several ways a remortgage broker can assist you:
Access to a Wider Range of Lenders and Products
We have an extensive network of lenders and access to a diverse selection of mortgage products. We can provide you with a wider range of options to choose from, increasing your chances of finding the most competitive and suitable remortgage deal.
Saving your Time and Effort
Researching lenders, comparing mortgage products, and completing the paperwork for remortgaging can be a time-consuming process. Our mortgage brokers streamline this entire process by doing the legwork for you. We can quickly identify the best options and present them to you, saving you time and effort.
Benefit from Changing Rates
Our experts are constantly updating themselves with the changing mortgage rates. With our help, you can easily secure a good deal as soon as it is available. If the rates go down later, we can also help you change your mortgage product.
Improve your Chances of Approval
The paperwork and documentation required for a remortgage is usually extensive. Our experts will help you prepare and submit all the necessary paperwork, ensuring its accuracy. This will reduce your chances of rejection.
While getting a remortgage may seem like a simple and straightforward task, it usually gets pretty complicated. That is why, it always helps to have an expert work on your behalf to ensure that you are profited in the long run.
Resources for Remortgaging
Our free resources for remortgaging and remortgages will provide you with relevant information regarding the mortgage process.
Mortgage Success Stories
We've worked with mortgage seekers for over 15 years. Read our success stories.
We work with clients based domestically and internationally. Each of our client's circumstances is completely unique meaning that we're always finding ideal solutions from simple to complex cases.
Want to learn more about the UK mortgage process? Read our guides to help you prepare.
Whether you're a first-time buyer, an experienced property investor or looking to learn more about mortgages in the UK, you'll find the relevant information in our online mortgage guides.
