How To Remortgage Your Property
March 31, 2023

Remortgaging your property can be an excellent way to take advantage of better interest rates, access more funds, or switch to a more suitable mortgage product. However, it’s important to consider all the options and understand the process before making a decision. 

Let’s take a look at what remortgaging is, the costs involved, and the steps you can take to benefit from Kind Wealth’s mortgage services.

Should you remortgage your property?

Remortgaging involves replacing your existing mortgage with a new one — either with the same lender or a different one. It’s an effective way of maintaining a great mortgage deal to keep your mortgage payments low. It could allow you to save money on your monthly repayments, or to repay your mortgage sooner.  However, it can also allow you to raise capital in your home by increasing the amount you borrow against the property. The new amount you borrow would be based on the property’s increased value since your last mortgage.

While remortgaging can be beneficial, it’s vital to make sure it’s the right option for you and your financial situation. 

Is your fixed term coming to an end? If it looks like interest rates with your current provider will be high, then now could be a good time to switch. However, rates with another provider won’t always be lower so it’s important to shop around and get mortgage advice from a professional. If you’re looking to remortgage in Birmingham or Worcester, why not contact Kind Wealth for expert tips?

Does it Cost Money to Remortgage?

Remortgaging does usually involve some costs. For instance, you may need to pay an exit fee to leave your current mortgage before you can switch to a new one. The costs you pay vary, but with Kind Wealth’s mortgage expertise, you can be sure you’re getting the financial advice you need, that is tailored to your needs.

Remortgaging: step by step

So, where do you start when it comes to remortgaging your property?


Step 1: Research your options

With so many mortgage options available, it can seem daunting. Start by researching the different mortgage products available to work out which one is most suitable for you. Weigh up interest rates, fixed terms, and any other factors that may impact the overall cost. If you’re feeling overwhelmed, a mortgage advisor can help narrow your options down.

It’s vital to get your new agreement sorted in plenty of time so it’s ready to go once your current mortgage term ends.


Step 2: Apply for a mortgage agreement in principle

You did your research, and you have the facts from a mortgage advisor. Now it’s time to apply for a mortgage agreement in principle — just as you did when getting your original mortgage. This initial agreement outlines your eligibility and how much you can borrow..


Step 3: Finalise your mortgage application

Next, you’ll want to obtain some particulars to finalise your application. You’ll usually need to send proof of income, bank statements, and identification to your new mortgage provider. Your mortgage advisor can assist you here, to make sure that you send everything that your new mortgage provider requires, to ensure your application is accepted as quickly as possible.


Step 4: Complete your remortgage

Once the application has been processed and your new mortgage is in place, your old mortgage will be redeemed and repaid. Now you can reap the rewards! Why not consider what other investment planning you can undertake with your newfound savings?

Mortgage advice and services from Kind Wealth

If you’re looking for mortgage advice and services in Birmingham or Worcester, Kind Wealth can help. We offer personalised support to help you find the right mortgage or financial products for your needs.

Our team of experts can offer friendly and fact-based mortgage advice to help guide you through the remortgaging process and ensure you make the most of your investment planning. Feel free to get in touch today to find out more.

Please note

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

Some Buy-to-Let mortgages are not regulated by the Financial Conduct Authority.

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 24/04/23.


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