Remortgaging Services in Stamford

Here at Talk Mortgage Stamford, we understand the need to get the best deal on your mortgage possible. With very uncertain times ahead of us, there is no better time to start considering remortgaging. With years of specialist experience, you can be safe knowing we will do our best for you.

“The average new two-year fixed rate – which was 4.74% has sky rocketed to 6.16% in October 2022, according to the data firm Moneyfacts. It was a similar story with five-year fixes, with the average rate shooting to 6.07%.” (source)

What is Remortgaging?

Simply put, Remortgaging is when you transfer your existing mortgage on your original property from one lender to another. The new mortgage will then replace your current mortgage.

Some people hear “remortgage” and immediately think “, more debt.” And while it’s true that you can remortgage to release equity in your property (meaning, borrow more and pocket the extra cash for home improvements), for most, it’s about saving money on monthly payments.

In that respect, it’s a bit like shopping around for a better broadband deal or a new mobile phone contract.

Should I consider Remortgaging my home?

Typical times to remortgage might be:

When your current deal, especially a fixed-rate period, is ending
If you believe interest rates might increase – a fixed-rate mortgage will lock the interest for 2,3, 5 or 10 years
Switching from an interest-only to a repayment mortgage – or vice versa
To get a better rate, especially if interest rates have fallen
When your home has increased in value – a 5% decrease in your loan-to-value ratio could mean you get a better rate
To use your equity to fund home improvements or pay off debts
To get a more flexible mortgage – perhaps you want to overpay and reduce the loan more quickly
To extend or decrease the term – the standard term is 25 years, but longer and shorter terms are often available

Benefits to Remortgaging

Let’s take a look at a few benefits of remortgaging;

1. Reduces your mortgage costs
Once your introductory rate is over, you’ll pay a higher interest rate on your mortgage. This could add thousands of pounds in interest over the loan term.

2. Free up your capital
Lower payments mean you’ll have more disposable capital from your monthly income.
Releasing cash in the form of a more significant loan amount also means you can access additional equity from your home to pay for substantial expenses such as home improvements.

3. Adapt to life events
Your current mortgage deal may not offer the flexibility you now need. For example, suppose your income has decreased or increased since your original agreement. In that case, you may want to change your monthly repayments or loan term.

4. Pay off your mortgage sooner
Suppose you’ve received a windfall, such as an inheritance. In that case, you could be in a position to make an overpayment or even completely pay off your mortgage.
Remortgaging could save you thousands of pounds in early repayment charges and exit fees.

How can a Mortgage Broker from Talk Mortgage Stamford help me remortgage?

Getting the most valuable deal with a remortgage involves a fair bit of research and comparison. Talk Mortgage Stamford will do all the legwork for you – we explore your specific situation and find good value deals to meet your needs. We’ll look at rates, fees and criteria to recommend a suitable mortgage deal.