Remortgaging your home

In simple terms, remortgaging involves switching your mortgage from your existing lender to a new one. Homeowners take this step for various reasons, such as refinancing an existing loan to raise additional capital, or to obtain a better rate on the existing loan.

The Steps Involved
Remortgaging is simpler than buying a new home because the deeds of the property are already registered in your name; but many of the stages are the same as a new purchase.

What Costs Are Involved?
Many of the costs of remortgaging are similar to those incurred when purchasing a property. These include; lender arrangement fees, booking fees, valuation fees, broker fees, legal fees, discharge fees and, potentially, a higher lending charge. You may also need to pay an early repayment charge if you are still within a ‘tie-in’ period with your current lender. Your adviser will be able to give you a more detailed breakdown of these costs as they vary from case to case.

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By Amar Dhanota
Senior Mortgage Consultant
Mortgages For Professionals
T: 020 7553 3251
E: ad@mortgagesforprofessionals.com
W: www.mortgagesforprofessionals.com

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Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be 1% of the loan amount.

Mortgages for Professionals is a trading style of Expertinfo Ltd, which is an Appointed Representative of Bond Finance Ltd.