Remortgage

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

Think carefully before securing other debts against your home.

When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.

Remortgages can be used for various reasons. Most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower interest rate, with another lender. Other individuals may use a re-mortgage to consolidate their debts.

It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower interest rate, you must take into consideration the facts that:

• The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.
• If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
• You may have to pay an early repayment charge to your lender if you remortgage.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

Hays Financial Centre Ltd is an appointed representative of Quilter Financial Services  Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register/) under reference 440703 and 440718.

Hays Financial Centre Ltd. Registered office: 325 Baring Road, London SE12 0DZ

Hays Financial Centre Ltd is registered in England and Wales 6810896

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.