Residential Mortgages

When you decide to remortgage, you are essentially transitioning your mortgage to a new arrangement, often with a different lender.

Remortgages serve various purposes, but the primary motive is typically cost savings. For instance, your current lender’s introductory discounted interest rate may have expired, prompting you to seek a new discount rate or a lower APR with another lender. Another reason might be consolidating debts.

DISCLAIMER: Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.

Residential Remortgage

However, it’s essential to note that remortgaging isn’t always the optimal choice. Before making the switch, consider the following factors:

  • The new lender may impose charges for valuation and solicitors’ fees, even if you’ve already paid for these with your current lender. However, this won’t apply if you’re switching rates.
  • If you opt for a fixed-rate remortgage, you might incur an early repayment charge with your current lender.

Explore the possibility of changing your mortgage deal with your existing lender to avoid unnecessary expenses. Many lenders permit relatively frequent changes in your mortgage deal if you aren’t on a fixed rate.

You can learn more by reaching out to the Money Helper.

DISCLAIMER: Please be aware that by clicking onto the above link you are leaving the Norfolk Mortgages website. Neither Norfolk Mortgages or PRIMIS are responsible for the information accuracy on this external website.