Are you looking to switch your fixed rate, offset or discount deal on your mortgage?
Refinancing is increasingly popular in the UK’s competitive mortgage market as the vast majority of homeowners look to secure a better deal from one of the hundreds of mortgage lenders in the UK.
But what exactly is refinancing and who should consider it?
Reasons to Remortgage – What is Refinancing?
Quite simply, refinancing your mortgage with a new lender means that you’ll pay off your existing loan and take out a new one for an amount that may be greater or less than the original sum borrowed.
Throughout this process, the repayment method will usually stay the same. You’ll still be making payments each month, and refinancing can sometimes be used to pay off any additional lending too.
So, who should consider refinancing their mortgage? Here are five reasons why you could benefit from changing your mortgage lender, having originally taken out a mortgage with someone else.
Usually your mortgage term is most likely to end when you retire. So it’s sensible to look into finding the best ways of transferring your home loan to a new lender in the run-up to this time. Here are some reasons why refinancing could be beneficial for you.
Flexibility repayment methods – Remortgaging will allow you more flexibility when it comes to choosing how you can repay your loan. You can switch from a repayment mortgage to an interest-only one, for example and there are other options available.
Cheaper mortgage rates – The lowest interest rate on the market may be cheaper than that of your existing home loan. This will no doubt will save you money each month.
If your income hasn’t increased in line with inflation over the years and you’re finding it hard to meet all your monthly commitments, then switching your mortgage may be the answer. This is because by refinancing you could end up paying less each month on your new mortgage than you do now.
The good news is that if there’s been a drop in your income and it’s affecting your ability to make repayments, then you might be able to switch your current mortgage loan for a cheaper one somewhere else.
4. To reduce monthly payments if you become unemployed or unable to work
If you find yourself temporarily out of work and struggling to meet your monthly repayments, then it may well be worth considering refinancing in order to pay off your existing home loan. This will allow you to take on a cheaper mortgage elsewhere.
5. Switching to a more suitable deal when moving house or remortgaging with the same mortgage lender
If you’re transferring your property when you move house but don’t want to change your mortgage lender, then refinancing could be an option for you. You may also find that switching can benefit homeowners who remortgage with their existing mortgage lender to take advantage of a greater range of deals on offer.
Refinance your Mortgage the Right Way
So, here you can see five of the very good reasons why you should seriously consider refinancing your mortgage. If you think refinancing is for you, then make sure that the new deal suits your current financial situation. Remember to calculate all of the associated fees. You can then take the next steps and decide whether those fees will be less expensive than those on your current home loan.
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PRIME – OUTSTANDING UK BROKER SERVICES FOR MORTGAGES & LIFE INSURANCE
The whole process of refinancing can be daunting for many. You’ve realised there is a great opportunity for you to get a much better deal than the one you currently have. Searching the market can take a lot of time and effort but Prime can save you from enduring what could be a long and drawn out process whilst finding you the best possible rates.
You don’t have to do it alone. We provide free mortgage quotes and free mortgage advice. With Prime you can explore your options – Prime is a broker and we are not limited to the number of UK mortgage providers – we search all of the UK market for you. We do all the work so you don’t have to.
Your current mortgage provider might not be able to offer you the lower rates, so it is worthwhile examining your options so you can save money and put those savings to good use elsewhere. If you’re not sure how to take the next step, contact us and we will guide you on the right path. Prime has all the experience needed to identify the best possible information, advice and rates.
You should know that when you choose Prime, you choose an already established UK company with an experienced mortgage advisor so you get a tailor made one to one service every time. We work hard on your behalf to find you options, great options – so you don’t have to.
At Prime we have an exceptional FCA approved team of life insurance & mortgage specialists and we work very hard for you diligently and conscientiously. We provide excellent one to one services tailor made to your own individual needs and we make sure that your time with us is worthwhile. We offer all of our customers a hassle free experience – we do all the heavy lifting for you.
Prime is very proud of the reputation we have built over many years in the industry, and this is largely reflected through the really nice & positive reviews we receive on a regular basis from customers in places such as Wigan, Greater Manchester, Lancashire and across UK, in person, on Trust Pilot and Google online.
Perhaps you need a mortgage broker right now and if that is the case, you can call us on 01942 665436. If you have any initial questions our dedicated team of experts will be standing by to talk with you during our office hours (when you contact us we get back to you the same day if it’s a working day, or the following day during office hours).
Refinancing your mortgage can make all the difference to your finances and to your lifestyle. At Prime we also have a range of services available, not forgetting that we offer free advice and free quotes for both mortgages and life insurance. You can find out more about us and what we do by clicking here also you are welcome to Click here to Get a Free Life Insurance Quote or use our quick contact form to get in touch. Our friendly dedicated team is available by telephone 01942 665 436 during office hours.