Remortgage | Leicester
Arranging your first mortgage as a first time buyer may be difficult, but arranging a remortgage can be just as challenging. If your fixed rate is due to end, now could be the perfect time to look at your remortgage options.
At Mortgages by Anna, based in Leicester, we can assess the market and find the right deal to suit your circumstances. You may want to consolidate debts or reduce your monthly payment, whatever your motivation, it’s always best to speak to a broker.
Last Updated: 12th July 2023
What is remortgaging?
Remortgaging refers to the process of switching your existing mortgage to a new mortgage product, either with your current lender or a different one. It involves paying off your current mortgage and replacing it with a new one that better suits your financial needs or objectives. Remortgaging allows you to review and potentially improve your mortgage terms, such as interest rates, repayment periods, or even the type of mortgage product you have.
When is best to look at remortgaging?
Depending on your current lender, you will typically have the ability to assess your options and secure a new rate up to 4 months before your current rate is due to end. If your fixed rate period is due to end within the next 4 months, now could be the perfect time to get in touch and discuss your options.
Why would you want to remortgage?
There are a long list of reasons you may want to remortgage, but the three most popular reasons are;
Release Equity – You can release equity to pay for home improvements or clear other debts.
Increased Property Value – Your property may have increased in value, therefore your lower loan-to-value may help you qualify for better rates.
Fixed Rate to End – Your fixed rate period may be due to end, therefore you may be put on the lenders standard variable rate (SVR) which will be higher than the initial fixed rate. Therefore, you will need to assess the market to switch to a better rate.
What is the remortgage process at Mortgages by Anna?
The mortgage process is similar from one application to the next. You will always need to arrange an initial consultation with Anna to run through your options and find the best route to achieve your objectives. You will always have access to contact Anna with any questions or queries you may have as you get the full personal experience. We are based in Leicester, but we can arrange telephone and video appointments or even a home visit, if needed.
Simply give us a call on 0116 3262610 to arrange an initial consultation or click to submit a contact form below and we will get back to you.
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