There is plenty to think about when it comes to owning a property, but one of the most important issues that rears its head every few years is remortgaging and it can be difficult to get up with the mortgage news.
It is simply something that every homeowner has to, or should, go through, and it can offer up some major benefits, particularly as you could be able to switch to a better deal than what you’re currently on and reduce your monthly mortgage payments as a result.
However, while there may be the occasional bump in the road when going through the process, there are a few simple steps that could ensure you access the best deal possible.
1. Start your research soon
If you are on a fixed rate deal, you will want to start thinking about a remortgage a few months before that comes to an end. The first port of call may be to see what your current lender can do, as a product transfer may be a viable option and could help you avoid switching providers.
Alternatively, you could speak to a financial adviser to see what other lenders are offering or even remortgage from your sofa with Trussle, an online mortgage broker service that allows you to apply in 15 minutes and receive potential deals within 24 hours.
2. Get your finances in order
The remortgage process is also a great time for you to sit down and start to consider your overall financial situation. Understanding your outgoings and having a clear idea on your monthly spending could be very useful, from a simple Excel spreadsheet laying out your budget to more involved online resources that are freely available.
It is also worth bearing in mind that there may be other costs like valuation and arrangement fees to consider during the remortgage process, so check you have the ability to pay those off too.
3. Consider your legal options
As Bird & Co Solicitors outlines, legal experts often have to undertake a range of steps as part of the remortgaging process, including checks, searches, reviewing mortgage offers and contacting the Land Registry. While some lenders may arrange or suggest solicitors who can assist with the process, you may be required on occasion to find a conveyancing expert yourself.
If that looks likely, it might be worth gathering quotes to see which firms could be able to help you. As well as searching online, you could ask friends and neighbours to see who they opted to use and whether they would recommend their services.
Remortgaging the right way
From insurance to utility bills, homeowners have so many different financial issues to consider. While remortgaging is a hugely important matter, getting it right can definitely create plenty of advantages.
If you’re heading towards having to start the process, we hope the ideas above have given you some food for thought on how you can be perfectly prepared for it. Taking these simple steps could go some way to ensuring you experience a smooth and swift process.
