{"id":1076,"date":"2022-05-10T10:33:44","date_gmt":"2022-05-10T10:33:44","guid":{"rendered":"https:\/\/fomomortgages.com\/?p=1076"},"modified":"2022-05-18T10:30:27","modified_gmt":"2022-05-18T10:30:27","slug":"a-quick-fire-guide-to-remortgaging","status":"publish","type":"post","link":"https:\/\/fomomortgages.com\/a-quick-fire-guide-to-remortgaging\/","title":{"rendered":"A quick-fire guide to remortgaging"},"content":{"rendered":"\n

Discover whether remortgaging could be right for you, plus a clever extra option.<\/em><\/p>\n\n\n\n

You may find yourself wondering if remortgaging is right for you.<\/p>\n\n\n\n

And no wonder!<\/p>\n\n\n\n

One-third of all UK loans made are actually remortgages! Homeowners frequently switch to protect against rate rises and take advantage of better deals. (moneysavingexpert.co<\/a>m).<\/p>\n\n\n\n

However, remortgaging isn\u2019t always the best decision for every homeowner.<\/p>\n\n\n\n

To remortgage or not to remortgage? That is the question.<\/p>\n\n\n\n

Read on to discover whether remortgaging is right for you.<\/p>\n\n\n\n

But first, what is remortgaging?<\/h2>\n\n\n\n

Remortgaging is the process of moving your current property from one lender to another.<\/p>\n\n\n\n

Some people do this in favour of a cheaper deal or if their initial deal is about to end. If this happens, you can be at risk of falling onto your lender\u2019s hefty Standard Variable Rate (SVR).<\/p>\n\n\n\n

This is the default interest set by your lender, and can be far more expensive!<\/p>\n\n\n\n

However, when you remortgage, you may need to pay an early repayment fee if you are exiting your agreement before the \u2018official\u2019 term ends.<\/p>\n\n\n\n

So how do you know if it is worth it?<\/p>\n\n\n\n

The BIG Pros to remortgaging<\/h2>\n\n\n\n

Avoiding the Standard Variable Rate can be one of the biggest pros of remortgaging.<\/p>\n\n\n\n

It is also a good reason why paying the early leaving fee could save you money in the long term.<\/p>\n\n\n\n

For example, if you fall from a fixed rate deal where you have been paying a steady cheaper amount to the SVR, this can be a big difference.<\/p>\n\n\n\n

According to a recent report, the average SVR increased from 0.15% to 4.61% in March alone! <\/p>\n\n\n\n

If you avoid this big increase by switching to a cheaper fixed-rate deal, you may avoid paying an unnecessary extra amount. (Moneyfacts UK Mortgage Trends Treasury)<\/a>.<\/p>\n\n\n\n

You could even put money forward to overpay on your mortgage, becoming mortgage-free sooner!<\/p>\n\n\n\n

But watch out<\/h2>\n\n\n\n

It is important to think carefully about which option would work best for you.<\/p>\n\n\n\n

For example, rising interest rates hit a 30 year high in January which will affect new deals.<\/p>\n\n\n\n

If you are on a long-term fixed mortgage, you may be better off staying where you are.<\/p>\n\n\n\n

In this case, your rate may be lower than newer deals out there, which might have risen with the Bank of England\u2019s base interest rate increase.<\/p>\n\n\n\n

There are also lots of additional remortgaging costs to consider, in addition to the early leaving fee.<\/p>\n\n\n\n

You are likely to need to have a property assessment, for example, which can cost you extra money.<\/p>\n\n\n\n

A financial advisor should be your first port of call when trying to assess what the best option is for you!<\/p>\n\n\n\n

Our Insider Secret\u2026<\/h2>\n\n\n\n

Sometimes a phone call can make all the difference.<\/p>\n\n\n\n

Rather than deciding to remortgage without exploring all the options, why don\u2019t you give your lender a call?<\/p>\n\n\n\n

If you say you are thinking of switching, they may offer a \u2018product transfer\u2019 to keep you.<\/p>\n\n\n\n

This may put you on a new deal, saving you from that sticky SVR, while avoiding the scary leaving penalty!<\/p>\n\n\n\n

So what are you waiting for?<\/h2>\n\n\n\n

On average, there are 39,000 homeowner remortgages every month in the UK (Finder UK)<\/a>.<\/p>\n\n\n\n

Book a call with a member of our FOMO team for specialist advice on whether remortgaging is right for you.<\/p>\n\n\n\n

All our advice is free for customers, so you won\u2019t pay us a penny!<\/p>\n\n\n\n

Fill out the FOMO remortgaging form below to get started.
<\/p>\n\n\n\n

Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n","protected":false},"excerpt":{"rendered":"

Discover whether remortgaging could be right for you, plus a clever extra option.<\/p>\n","protected":false},"author":4,"featured_media":1128,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resources"],"_links":{"self":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts\/1076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/comments?post=1076"}],"version-history":[{"count":0,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts\/1076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/media\/1128"}],"wp:attachment":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/media?parent=1076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/categories?post=1076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/tags?post=1076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}