Re-mortgaging

Many of our clients do not realise that their current mortgage is on the lenders standard variable rate (SVR). The SVR is the rate the mortgage reverts to after the initial rate period. This is often much higher interest than the initial rate, resulting in your mortgage payments increasing. You should review your mortgage every time your initial rate is due to come to an end. 

A re-mortgage application is often quicker than a typical purchase. On average, our clients complete their re-mortgage between 4-6 weeks. No additional legal packs, no chains involved and often more straightforward underwriting. A re-mortgage is with a new lender, a product transfer is a new mortgage with the same lender. 

If you re-mortgage with a new lender, you will need a solicitor to act on your behalf. James Wong mortgages work with some fantastic local solicitors that we can recommend to you if necessary. 

The most common reason for re-mortgaging is that you are coming to the end of your initial mortgage rate and  want to find the best available deal to avoid the SVR. Maybe you want to release some funds for home improvements, or raise additional funds to help your children onto the property ladder. You may also want to invest in a buy to let property for additional income or long term investment plan. You may need to pay an early repayment charge (ERC) to your existing lender if you re-mortgage. We will assess your circumstances and recommend the best outcome for you. 

Re-mortgaging can be used to consolidate debts into one monthly payment. Quite often high interest rate debts can be consolidated on a more competitive rate, saving you hundreds if not thousands in the long run.  You need to think carefully before securing other debts against your home. We will carefully recommend if this is suitable to you or not.