You’ve probably come to the end of your fixed term, so what next? Looking for a better deal on your mortgage might be on the cards....
You’ve probably come to the end of your fixed term, so what next? Looking for a better deal on your mortgage might be on the cards. Or maybe, you might be looking to a free up equity to extend your home, for renovations. Whatever the reason, we’ve put together a guide on what you need to know.
Remortgaging is the process of switching your existing mortgage to a new deal, using the same property as security. You can Remortgage with the same lender or a different provider, even when you’re not moving home. Your new mortgage will still be secured against your existing property. To learn more about how remortgaging works, click here.
Stephen Kerrigan, Mortgage Advisor from Doncaster and owner of MortgagesRM is answering the top remortgaging questions being asked by the public.
Do I have to get my house valued when I Remortgage? Well yes and no, only get your house valued if you are changing lender. If you’re sticking with the same lender, you won’t be asked to put a valuation on the property.
Is there an age limit on Remortgaging? As with many providers, they all have different age limits, so you will need to check this with any provider that you’re considering. Bear in mind, some providers will have a maximum age starting a mortgage, and others for when the mortgage term ends.
So if you’re 61 and considering a Remortgage, you might find that the mortgage needs to be paid off by the time you’re 70.