REMORTGAGE

Advice

Our expert team can assist you in finding the right mortgage. With connections to a full range of lenders and deals, we can help you find your ideal mortgage.

Helping You Remortgage Hassle Free

Are you interested in remortgaging? Or simply looking for remortgage advice? Then you’re in the right place. Here at Pinnacle we specialise in delivering expert remortgage advice and, with access to thousands of mortgage deals, you can trust that we’ll source a mortgage that is perfect for you.

Whether you are looking to have a mortgage review, to save money on your existing mortgage, or raise funds for home improvements or consolidating debts, then contact us today for remortgage advice. Our friendly in-house mortgage advisors can help you decide what the best course of action is for your circumstances. We consider your complete financial situation, future plans, goals, and aspirations which ensure we can recommend a range of remortgage deals that you can choose from.

Interested in Remortgaging?

Deciding to get a mortgage is one of the biggest commitments you’ll make in your lifetime. The good news is you do not need to stay with the same provider for the whole duration of your mortgage and be stuck with the same deal you initially were given.

Remortgaging these days is very common, with easy and quick processes to find you a remortgage agreement that suits you.

Pinnacle have a full dedicated team of brokers ready to help you with a whole market search to get you the best option available to you on the current market.

Mortgage Broker Essex

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Let’s discuss your mortgage options!

Can I Remortgage Straight Away?

Some lenders will allow you to do so, but most lenders will require you to pay your existing mortgage for a minimum of 6 months before they will consider your application. It is also advised not to remortgage just because you can as there will be costs involved in the process. A fixed rate mortgage will last anywhere from 2 to 10 years and once this fixed rate term is complete you may be put onto the providers SVR (Standard Variable Rate) which in some cases can produce a higher interest rate. You will need to ensure you have been accepted into your new mortgage before the term is up to avoid paying more than you need to. Get in touch with one of Pinnacles brokers in good time before your term is up to ensure we can find you the best product available to you.

The Benefits of Remortgaging

Remortgage for a cheaper rate than SVR 

As explained in the previous section lenders often offer a fixed rate mortgage from 2 to 10 years. After this period has expired you may be moved to a Standard Variable Rate Mortgage (SVR), which can be more expensive.

Remortgaging your property will aid in getting you off the higher interest rates a SVR will give you and enable you to choose a new mortgage rate which should be lower. Research has shown that people who remortgage will save on average £4,000 a year compared to SVR rates.

So, if your mortgage deal is about to expire, get in contact with one of our friendly brokers who are here to assist you.

 

Remortgaging to pay off your mortgage quicker

Changes in financial circumstances occur, you could have received a pay rise or a lump sum since your mortgage began and with this change you may want to pay off your mortgage quicker to be fully mortgage free.

In order to do this, you need to overpay your mortgage. Put simply, you need to pay more back each month than what is needed.

The main issue you could encounter is that many mortgage deals will not allow this or only allow a certain percentage to be paid back.

If overpaying is your primary aim, it’s easy enough to remortgage to a new deal and shorten your overall term to ensure that contractually you are paying off your mortgage earlier.

Pinnacle will help you identify these deals, so reach out to one of our brokers for assistance.

How Much Will Remortgaging My Property Cost?

When considering this point there are two methods, but each will depend on the overall competitiveness of then product being offer.

Some products will require your own solicitor, who will charge a conveyancing fee.  This can cost anywhere from £300 to £1000 depending on complexity.  Further disbursements would also include the Land Registry Fee, searches, and a copy of the official title. These fees can’t be added to your new mortgage, so you will need to set aside the money needed for these fees to clear them upfront.

Other products include a free legal service by the lender that should incorporate the above.  If you’d like a full breakdown of the potential fees involved, and the best option for you, then contact Pinnacle today and speak to one of our experienced mortgage brokers who are able to assist you.