Remortgage

Why Remortgage?

Why Remortgage?

Your existing mortgage deal may be coming to an end and you're about to move onto the lenders standard variable rate which could result in a substantial increase in your monthly mortgage payments.

Remortgaging before your term ends could potentially save you money by switching to another deal or another lender.

At Lentune, we contact our Clients up to 6 months prior to the end of their present mortgage deal. This enables us, and our client, sufficient time to investigate and secure a new mortgage deal in advance.

Securing a new rate early could enable you to protect your payments should the available interest rates increase over time as your new deal approaches.

During a full remortgage review, we compare the options available from your current lender with those which could be achieved from moving the mortgage to a new lender.

When remortgaging to a different lender, a full valuation of your property is normally required and legal conveyancing is part of the process. Different processes apply if you were to remain with your current lender and take a new mortgage deal with them.

Lenders who accept remortgage applications sometimes offer incentives for you to switch, including free valuations and either free legal work or a contribution of cash at completion towards your legal costs if you use your own Solicitor.

How long does a Remortgage take?

From application stage, a full remortgage can take between 6-8 weeks dependent on lender turnaround times and the following legal processes.  This is why it's not a good idea to ignore contact from your Mortgage Broker if they've reminded you months before about your present mortgage rate ending!

If you leave the process too late, you can run the risk of falling onto your existing lenders' Standard Variable Rate which could be substantially more than the rate you have been paying.

There are plenty of reasons why you might want to consider a remortgage beyond just obtaining a more competitive mortgage rate, perhaps you want to cover the cost of home improvements or pay off more expensive debts.

Whatever your requirements we are here to help.

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