When it comes to owning your own property, there are so many things to consider with everything from making home improvements, introducing extras to a property, changing mortgage deals and more.
But some of these elements can be solved simply by remortgaging and with help from the founder of Gloucestershire-based mortgage brokers, The Mortgage Brain, SoGlos has rounded up some top tips to help property owners navigate the world of remortgaging.
About the expert – Enzo Mora, founder and managing director of The Mortgage Brain
After a long career within the financial services industry, Enzo founded Gloucestershire-based The Mortgage Brain, which is now one of the largest mortgage brokers in the UK.
Founded more than 20 years ago, Enzo is hands on at driving the business forward along with his trusted and specialist team at The Mortgage Brain, which offers a range of services all with the aim of ensuring it finds the right mortgage for each customer.
Alongside his work at The Mortgage Brain, Enzo has a passion for tennis – a sport he has enjoyed playing since he was a child – and has even been given the honour of becoming the chair of the Gloucestershire Lawn Tennis Association.
What does remortgaging a property involve?
You may be surprised to hear that almost a third of all UK home loans are remortgages. To start the process, our expert adviser will ask you some simple questions around your existing mortgage, as well as the current value of your home, and how much you would like to borrow. They will then search the lending market to find you an excellent deal.
You can also check out our easy-to-use Mortgage Calculator as a first step to see what is available, then speak to one of our friendly and approachable advisers to take the application forward.
Why should homeowners consider remortgaging a property?
It could be that your current deal is coming to an end, so your mortgage lender will automatically put you on their Standard Variable Rate (SVR) which could be a much higher interest rate than you were paying. So, if you remortgage, you could get better a rate.
If you’re thinking of improving your home such as building a loft extension to create an extra bedroom for a growing family; updating a kitchen and bathroom; or installing a new heating system, remortgaging could also cover these costs.
And, with more of us working from home, you could be looking to extend the property to accommodate a home office or be thinking of buying a freestanding garden building for this purpose.
If you have enough equity in your property, you can also consider remortgaging to raise a deposit for a second home or buy-to-let.
How could remortgaging a property save homeowners money?
If your home has increased in value since you took out your last mortgage, your loan to value (LTV) may now be lower giving you access to better interest rates and lower monthly payments with a new remortgage deal.
Our fully trained advisers will also be able to assess if it will be cheaper in the long run to remortgage even if you are tied into a fixed rate mortgage deal and will need to pay a redemption charge. They will weigh up the costs you may incur and availability of new deals to see if you could still make a considerable saving if you remortgaged.
Can remortgaging consolidate a homeowners debts?
Sometimes you may find that remortgaging is a good way to consolidate your debts with the aim of making monthly payments more affordable. Our mortgage advisers will discuss your exact circumstances to see if remortgaging for this purpose is a suitable option for you.
How can The Mortgage Brain help homeowners who are looking to remortgage a property?
Many homeowners don’t realise that they could be saving money by remortgaging. We have access to a wide range of deals, many exclusive to us, so we can search the market and find a remortgage that is most suitable to you and your circumstances.
We have some excellent reviews on our customer service and the stress-free process we offer, so we would love to see what savings we can make for you.