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 Remortgaging in the UK with MortgageTek, Your Trusted Mortgage Broker

Are you navigating the complex landscape of mortgage options in the UK? Look no further – MortgageTek, your trusted mortgage broker, is here to simplify the remortgage process. Our dedicated team of mortgage experts is committed to guiding you through every step, ensuring a seamless and cost-effective experience.

Why Remortgage?

Remortgaging provides the opportunity to review your current mortgage. Whether with your existing lender or a different one, this move allows you to explore competitive rates and potentially save thousands over the life of your mortgage.

  • Avoiding the SVR Trap: One of the primary reasons for considering remortgage is to steer clear of the Standard Variable Rate (SVR) trap. The SVR is typically higher than your initial fixed or tracker rate, resulting in higher monthly payments. Acting proactively before your current deal expires allows you to secure a new competitive rate and avoid unnecessary financial strain.

When to Start Remortgaging

  • Strategic Timing: It’s advisable to initiate the remortgage process around three to six months before your current interest rate expires. This strategic timeframe allows for comprehensive market research, seamless application processing, and potential negotiations with lenders. Starting early ensures you have ample time to secure the best possible deal tailored to your financial needs.

     

    Contractor Remortgage Calculator

    Disclaimer: Please note that the results generated by this calculator are for general estimation purposes only and may not be entirely accurate. For precise information call us 020 3827 8558

     

    Understanding the Remortgage Conveyancing Process

    • Valuation and Legal Checks: Before approving your remortgage application, lenders may conduct a valuation of your property and legal checks. This ensures your property’s value and legality, respectively.
    • Title Transfer: If changing lenders, the legal process involves transferring the title of your property from your current lender to the new one. This process is known as conveyancing.
    • Searches and Enquiries: Your conveyancer will perform property searches to ensure there are no issues that could affect your mortgage. They may also raise enquiries to clarify any details related to the property.
    • Drafting and Signing Documents: Your conveyancer will prepare the necessary legal documents, and once everything is in order, you’ll be required to sign them.
    • Completion: On the agreed completion date, your new mortgage deal will take effect. Funds will be transferred, and your old mortgage will be repaid.

    Costs Involved in Remortgaging

    • Legal Fees: Conveyancing services come with associated legal fees. It’s essential to factor these costs into your budget. We, as MortgageTek, can provide remortgage solutions that include free legal.
    • Valuation Fees: Some lenders may charge for property valuation. However, many offer free or discounted valuations as part of their remortgage packages. Our remortgage solutions can have free valuations.
    • Early Repayment Charges (ERCs): Check if your current mortgage has ERCs for paying off the loan early. If so, calculate these charges into your remortgage decision.
    • Arrangement Fees: Some lenders charge arrangement fees for setting up a new mortgage. These fees can vary, so it’s crucial to consider them when comparing deals.

    MortgageTek  Approach

    • As Your Trusted Mortgage Broker: We at MortgageTek function as your dedicated mortgage broker throughout the remortgage process. Our role is to connect you with the most suitable lenders, ensuring you get the best deal that aligns with your financial goals.
    • Tailored Solutions: Our remortgage solutions are designed to cater to your specific needs. From free valuations to legal services, we aim to provide a comprehensive package that eases the financial burden associated with remortgaging.
    • Experienced Advisors: Benefit from the expertise of our experienced advisors, who are dedicated to ensuring you navigate the remortgage process confidently. Their guidance through each stage ensures you are well-informed and empowered to make the right decisions for your financial well-being.

    Capital Raising for Home Improvements, Debt Consolidation, or Car Purchase

    • Home Improvements: Remortgaging can provide an avenue for capital raising to fund home improvements. Whether it’s a new kitchen, an extension, or essential repairs, leveraging the equity in your home through remortgaging allows you to enhance your living space without compromising on financial stability.
    • Debt Consolidation: If you have accumulated multiple debts, remortgage can be a strategic move to consolidate them into a single, manageable loan. As your trusted mortgage broker, MortgageTek ensures you access the most favourable terms for debt consolidation, simplifying your financial management.
    • Car Purchase: Remortgaging can also be a viable option for raising capital to finance a car purchase. Whether upgrading to a more fuel-efficient model or fulfilling a long-held dream of owning a specific vehicle, tapping into your home equity through remortgaging, guided by MortgageTek, can offer a cost-effective solution compared to other forms of borrowing.