Remortgage

Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from qualified advisers.

Why should I remortgage?

Mortgage products are being launched and withdrawn every other day. For this reason your current lender may not be able to offer you the best rate. Remortgaging allows borrowers to take advantage of new rates and products coming to the market. 

Using Access Mortgages will give you access to a wider range of mortgage products that you would not otherwise be able to obtain.

Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.



It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:

• The new lender may charge you for valuation and solicitors fees, even if you have already paid these for your mortgage with your current lender.

• If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.

Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.

There may be a fee for arranging your mortgage.  The precise amount will depend on your circumstances but our typical fee is £295.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Access Mortgages (Scotland) Ltd undertakes credit broking and is not a lender.