Your home may be repossessed if you do not keep up repayments on your mortgage
Remortgage for a better rate
The most common reason for re-mortgaging is to secure a better rate, this usually occurs when a borrowers current deal has come to an end and their lender reverts the mortgage to their SVR ( Standard Variable Rate ). This process can lead to the borrower paying significantly more in interest repayments. Please see the illustration below.
Loan Amount
Rate
Term
Monthly Cost
Standard Variable Rate
£100,000
4%
25 Years
£528
Current Deal
£100,000
2%
25 Years
£424
In this example reverting to the lenders SVR would cost the borrower an additional £84 per month.
It’s important to remember that the re-mortgage rate is not the only factor that should be considered when selecting a product. Using an online comparison table may highlight the lowest rates available but you should also be aware of the overall cost of the product. Many of the best re-mortgage rates will include hefty fees such as a valuation fee, booking fee or an arrangement fee.
For example, if you are only borrowing £50,000 paying a £2,000 fee to secure a 2% fixed rate product over a 2 year period would end up costing more than taking a 3.5% fee free mortgage deal. In cases such as this paying the fee would only benefit those who wanted to borrow a significantly larger sum.
You also need to consider the fact that you may not qualify for the best rates on the market due to criteria laid down by the lender, for example, your LTV ( Loan to Value ) or your earnings combined with a range of other factors may make these products unavailable to you. This could lead to you wasting a lot of time applying for products that you have no chance of getting accepted for.
Our mortgage brokers utilize the latest software to search through a comprehensive list of lenders and use their knowledge and experience to select the most appropriate re-mortgage deal for you. Contact a mortgage broker today and we will assess your situation free of charge saving you time hassle, stress and money.
Remortgage Guides
The Latest 80% LTV Remortgage Products
The products below are based on a purchase price of £150000 with the applicant contributing a depsoit of £30000 which means the loan amount would be £120000. All of the products listed are based on a mortgage term of 30.
Residential
capital repayment
mortgage.
Standard variable rate 6.99%,
Cash Back £0.00,
Total fees £999.00.
An early repayment charge is applicable to this mortgage
until 28-Feb-27.
Your rate of 4.59% will last for the first 25 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For HSBC that's 6.99%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £235865. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
£615.17
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
4.6%
Initial Rate
7.49%
Follow on Rate
7.2%
APRC
£14764.08
Initial Period Cost
Residential
capital repayment
mortgage.
Standard variable rate 7.49%,
Cash Back £0.00,
Total fees £1,079.00.
An early repayment charge is applicable to this mortgage
for the first 2 years
Your rate of 4.6% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Nationwide BS that's 7.49%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £251667. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
£618.05
Initial Monthly Payment
2 year fixed
Rate Type
£1495
Product Fee
4.64%
Initial Rate
7.74%
Follow on Rate
7.4%
APRC
£14833.2
Initial Period Cost
Residential
capital repayment
mortgage.
Standard variable rate 7.74%,
Cash Back £0.00,
Total fees £1,525.00.
An early repayment charge is applicable to this mortgage
until 31-May-27.
Your rate of 4.64% will last for the first 28 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For NatWest that's 7.74%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £260067. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
{"tags":["remortgage"],"_id":"63b8501217772960907e5d63","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage for a better rate","meta_title":"Re-Mortgage for a Better Rate | Mortgages NI ","meta_description":"Save money when you re-mortgage for a better rate in Northern Ireland with mortgage adviser NI. Contact us today for the best re-mortgage deals. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-for-a-better-rate","page_menu_link":"Remortgage for a better rate","page_sections":[{"_id":"63da391f96f2727cac740aa0","section_title":"Remortgage for a better rate","section_content":" The most common reason for re-mortgaging is to secure a better rate, this usually occurs when a borrowers current deal has come to an end and their lender reverts the mortgage to their SVR ( Standard Variable Rate ). This process can lead to the borrower paying significantly more in interest repayments. Please see the illustration below.\r\n<br><br>\r\n<table class=\"demo\">\r\n\t<thead>\r\n\t<tr>\r\n\t\t<th></th>\r\n\t\t<th>Loan Amount</th>\r\n\t\t<th>Rate</th>\r\n\t\t<th>Term</th>\r\n\t\t<th>Monthly Cost</th>\r\n\t</tr>\r\n\t</thead>\r\n\t<tbody>\r\n\t<tr>\r\n\t\t<td>Standard Variable Rate</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>4%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£528</td>\r\n\t</tr>\r\n\t<tr>\r\n\t\t<td>Current Deal</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>2%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£424</td>\r\n\t</tr>\r\n\t</tbody>\r\n</table>\r\n<br><br>\r\nIn this example reverting to the lenders SVR would cost the borrower an additional £84 per month.\r\n<br><br>\r\n\r\nIt’s important to remember that the re-mortgage rate is not the only factor that should be considered when selecting a product. Using an online comparison table may highlight the lowest rates available but you should also be aware of the overall cost of the product. Many of the best re-mortgage rates will include hefty fees such as a valuation fee, booking fee or an arrangement fee.\r\n<br><br>\r\nFor example, if you are only borrowing £50,000 paying a £2,000 fee to secure a 2% fixed rate product over a 2 year period would end up costing more than taking a 3.5% fee free mortgage deal. In cases such as this paying the fee would only benefit those who wanted to borrow a significantly larger sum.\r\n<br><br>\r\nYou also need to consider the fact that you may not qualify for the best rates on the market due to criteria laid down by the lender, for example, your LTV ( Loan to Value ) or your earnings combined with a range of other factors may make these products unavailable to you. This could lead to you wasting a lot of time applying for products that you have no chance of getting accepted for.\r\n<br><br>\r\nOur mortgage brokers utilize the latest software to search through a comprehensive list of lenders and use their knowledge and experience to select the most appropriate re-mortgage deal for you. Contact a mortgage broker today and we will assess your situation free of charge saving you time hassle, stress and money.\r\n\r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 06 2023","__v":0}
{"tags":["remortgage"],"_id":"63b8501217772960907e5d63","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage for a better rate","meta_title":"Re-Mortgage for a Better Rate | Mortgages NI ","meta_description":"Save money when you re-mortgage for a better rate in Northern Ireland with mortgage adviser NI. Contact us today for the best re-mortgage deals. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-for-a-better-rate","page_menu_link":"Remortgage for a better rate","page_sections":[{"_id":"63da391f96f2727cac740aa0","section_title":"Remortgage for a better rate","section_content":" The most common reason for re-mortgaging is to secure a better rate, this usually occurs when a borrowers current deal has come to an end and their lender reverts the mortgage to their SVR ( Standard Variable Rate ). This process can lead to the borrower paying significantly more in interest repayments. Please see the illustration below.\r\n<br><br>\r\n<table class=\"demo\">\r\n\t<thead>\r\n\t<tr>\r\n\t\t<th></th>\r\n\t\t<th>Loan Amount</th>\r\n\t\t<th>Rate</th>\r\n\t\t<th>Term</th>\r\n\t\t<th>Monthly Cost</th>\r\n\t</tr>\r\n\t</thead>\r\n\t<tbody>\r\n\t<tr>\r\n\t\t<td>Standard Variable Rate</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>4%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£528</td>\r\n\t</tr>\r\n\t<tr>\r\n\t\t<td>Current Deal</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>2%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£424</td>\r\n\t</tr>\r\n\t</tbody>\r\n</table>\r\n<br><br>\r\nIn this example reverting to the lenders SVR would cost the borrower an additional £84 per month.\r\n<br><br>\r\n\r\nIt’s important to remember that the re-mortgage rate is not the only factor that should be considered when selecting a product. Using an online comparison table may highlight the lowest rates available but you should also be aware of the overall cost of the product. Many of the best re-mortgage rates will include hefty fees such as a valuation fee, booking fee or an arrangement fee.\r\n<br><br>\r\nFor example, if you are only borrowing £50,000 paying a £2,000 fee to secure a 2% fixed rate product over a 2 year period would end up costing more than taking a 3.5% fee free mortgage deal. In cases such as this paying the fee would only benefit those who wanted to borrow a significantly larger sum.\r\n<br><br>\r\nYou also need to consider the fact that you may not qualify for the best rates on the market due to criteria laid down by the lender, for example, your LTV ( Loan to Value ) or your earnings combined with a range of other factors may make these products unavailable to you. This could lead to you wasting a lot of time applying for products that you have no chance of getting accepted for.\r\n<br><br>\r\nOur mortgage brokers utilize the latest software to search through a comprehensive list of lenders and use their knowledge and experience to select the most appropriate re-mortgage deal for you. Contact a mortgage broker today and we will assess your situation free of charge saving you time hassle, stress and money.\r\n\r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 06 2023","__v":0}
[{"tags":["remortgage"],"_id":"63b6c000a245fd52fc9eca62","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage","meta_title":"Fee Free re-mortgage Advice in Northern Ireland","meta_description":"Our mortgage brokers have access to all the latest re-mortgage Northern Ireland deals. Mortgages Northern Ireland can help with any remortgage enquiries that you may have. ","page_category":"remortgage","isParental":true,"page_parent":"","page_url":"/re-mortgage-advice","page_menu_link":"Remortgage Advice","page_sections":[{"_id":"63ddaba650cd5d00185bf141","section_title":"Remortgage Advice","section_content":" Re-Mortgaging refers to the process of refinancing your home with another lender and securing a new deal or renegotiating a new deal with your current mortgage provider.\r\n<br><br>\r\nA re-mortgage will present you with a variety of options including extending the term in order to reduce the monthly repayments or re-mortgaging to reduce the term if you feel you can afford to pay a bit more every month thus repaying your mortgage faster and potentially savings thousands on interest repayments.\r\n<br><br>\r\nOther reasons for re-mortgaging may include but are not limited to re-mortgaging to consolidate debt, Re-mortgaging to Buy another property or simply re-mortgaging for a better rate.\r\n<br><br>\r\nA re-mortgage is usually effected when your current deal with your existing provider expires eg. You got a special rate when you bought your property say a 2.4% 2 year fixed rate mortgage, when the 2 year period is up you move back to your lenders SVR ( Standard Variable Rate ) at say 4%. On a £100,000 mortgage spread over 25 years this rate rise would equate to an additional £84 per month in interest repayments so it’s definitely worth looking for a new deal.\r\n<br><br>\r\nRemember you don’t have to stick with your existing provider just recently 23/10/2016 a well known lender was offering £2,000 cashback deals on re-mortgages over £75,000 check the market and you could be quid’s in.\r\n ","section_style":"splash"},{"_id":"63ddaba650cd5d00185bf142","section_title":"Remortgage - Top Tips","section_content":" <div class=\"accordion-panel\">\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Shop Around<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\n You don’t have to stick with your current provider there will be a lot of great offers out there. Contact a mortgage Broker who can check the market for you.\r\n </p>\r\n </div>\r\n </div>\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Check Overall Cost<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCheck the Overall Cost – This is important many lenders will include arrangement, valuation and booking fees in their re-mortgage deals. When all of these are taken into consideration a mortgage product may seem less appealing.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Check the features<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCheck the Features – Check all the features of a mortgage product before committing to mae sure it meets all of your needs\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Find a good mortgage broker<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nFind a good Mortgage Broker – Find an independent mortgage broker you can trust and isn’t tied to one particular lender. Mortgage Adviser NI will search a comprehensive range of providers and we never charge a fee for our services.\r\n </p>\r\n </div>\r\n </div>\r\n</div>\r\n ","section_style":"splash"}],"page_date":"Thu Jan 05 2023 12:18:08 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["remortgage"],"_id":"63b8501217772960907e5d63","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage for a better rate","meta_title":"Re-Mortgage for a Better Rate | Mortgages NI ","meta_description":"Save money when you re-mortgage for a better rate in Northern Ireland with mortgage adviser NI. Contact us today for the best re-mortgage deals. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-for-a-better-rate","page_menu_link":"Remortgage for a better rate","page_sections":[{"_id":"63da391f96f2727cac740aa0","section_title":"Remortgage for a better rate","section_content":" The most common reason for re-mortgaging is to secure a better rate, this usually occurs when a borrowers current deal has come to an end and their lender reverts the mortgage to their SVR ( Standard Variable Rate ). This process can lead to the borrower paying significantly more in interest repayments. Please see the illustration below.\r\n<br><br>\r\n<table class=\"demo\">\r\n\t<thead>\r\n\t<tr>\r\n\t\t<th></th>\r\n\t\t<th>Loan Amount</th>\r\n\t\t<th>Rate</th>\r\n\t\t<th>Term</th>\r\n\t\t<th>Monthly Cost</th>\r\n\t</tr>\r\n\t</thead>\r\n\t<tbody>\r\n\t<tr>\r\n\t\t<td>Standard Variable Rate</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>4%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£528</td>\r\n\t</tr>\r\n\t<tr>\r\n\t\t<td>Current Deal</td>\r\n\t\t<td>£100,000</td>\r\n\t\t<td>2%</td>\r\n\t\t<td>25 Years</td>\r\n\t\t<td>£424</td>\r\n\t</tr>\r\n\t</tbody>\r\n</table>\r\n<br><br>\r\nIn this example reverting to the lenders SVR would cost the borrower an additional £84 per month.\r\n<br><br>\r\n\r\nIt’s important to remember that the re-mortgage rate is not the only factor that should be considered when selecting a product. Using an online comparison table may highlight the lowest rates available but you should also be aware of the overall cost of the product. Many of the best re-mortgage rates will include hefty fees such as a valuation fee, booking fee or an arrangement fee.\r\n<br><br>\r\nFor example, if you are only borrowing £50,000 paying a £2,000 fee to secure a 2% fixed rate product over a 2 year period would end up costing more than taking a 3.5% fee free mortgage deal. In cases such as this paying the fee would only benefit those who wanted to borrow a significantly larger sum.\r\n<br><br>\r\nYou also need to consider the fact that you may not qualify for the best rates on the market due to criteria laid down by the lender, for example, your LTV ( Loan to Value ) or your earnings combined with a range of other factors may make these products unavailable to you. This could lead to you wasting a lot of time applying for products that you have no chance of getting accepted for.\r\n<br><br>\r\nOur mortgage brokers utilize the latest software to search through a comprehensive list of lenders and use their knowledge and experience to select the most appropriate re-mortgage deal for you. Contact a mortgage broker today and we will assess your situation free of charge saving you time hassle, stress and money.\r\n\r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 06 2023","__v":0},{"tags":["remortgage"],"_id":"63b8526fa64e04411c377490","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage to buy another property","meta_title":"Re-Mortgage for a Better Rate | Mortgages NI ","meta_description":"Save money when you re-mortgage for a better rate in Northern Ireland with mortgage adviser NI. Contact us today for the best re-mortgage deals. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-to-buy-another-property","page_menu_link":"Remortgage to buy another property","page_sections":[{"_id":"63ddb6e008368a00184d6a4d","section_title":"Remortgage to buy another property","section_content":" Re-Mortgaging to buy a second property isn’t as complicated as it may seem, the process simply involves re-mortgaging your property for more than you currently owe thus releasing equity that can then be used as a deposit to purchase the second home.\r\n<br><br>\r\nLet's look at a typical example, you purchased your home 10 years ago since then you have kept up with your repayments and the property has risen in value, let’s say you bought it for £100,000 on a 20 year term and you have been paying around 3% interest.\r\n<br><br>\r\nYou would now owe approximately £57,000, during this time your property has also risen in value and is now worth £120,000, this would now leave you with £63,000 equity in your property. In these circumstances, it is now possible to re-mortgage your home for more than the £57,000 currently owed thus releasing equity that had built up in the property.\r\n<br><br>\r\nA client who wished to invest in a Buy to Let property or a holiday home could re-mortgage for say £77,000 and use the extra £20,000 as a deposit towards the next purchase.\r\n<br><br>\r\n\r\n<div class=\"accordion-panel\">\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Advantages<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nIt’s hard to state any clear advantages in this type of re-mortgage. In an ideal world, you would continue paying your existing mortgage and save up the deposit for your buy to let or holiday home thus reducing the risk of repossession if things didn’t work out the way you had planned. However if you really want to pursue investing in the buy to let market or if buying the holiday home of your dreams is high on your priority list it may be the only way for you to get the liquid cash you require.\r\n<br><br>\r\nThe best thing to do is <a href=\"/contact-us\">speak to a mortgage broker</a> who can guide you through the process. Our brokers will assess your situation and find the best option for your personal circumstances\r\n </p>\r\n </div>\r\n </div>\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Disadvantages<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nThe disadvantages of this process are pretty clear by increasing the amount on your mortgage you will also be increasing the monthly repayments and the total amount of interest repayable.\r\n<br><br>\r\nYou really need to do your sums and be 100% sure that you will be comfortable with the repayments on both your new increased residential mortgage and the repayments on the second property, even if it is a buy to let it would be foolish to assume that you would achieve continuous occupation be paying tenants. You must allow for void periods and be comfortable with the repayments no matter what circumstances arise.\r\n </p>\r\n </div>\r\n </div>\r\n</div>\r\n \r\n ","section_style":"splash"}],"page_date":"Fri Jan 06 2023 16:55:11 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["remortgage"],"_id":"63b85316a64e04411c3774a1","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage to shorten the term","meta_title":"Re-mortgage to reduce the term - Mortgages NI","meta_description":"Re-Mortgage to Reduce the Term - Save money by paying off your mortgage earlier by re-mortgaging and reducing the term with mortgage adviser ni. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-to-reduce-the-term","page_menu_link":"Remortgage to shorten the term","page_sections":[{"_id":"63ddabf650cd5d00185bf150","section_title":"Remortgage to shorten the term","section_content":" Re-mortgaging to reduce the term is a pretty straight forward process let’s look at a typical example of when this might occur.\r\n<br><br>\r\nA First Time Buyer took out a mortgage on their new home, the product was a 2 year fixed rate deal at 3% and they spread the mortgage over a 30 year term in order to keep the monthly repayments as low as possible. Their reason being that they wanted to furnish the property and felt that keeping the repayments low during the initial 2 years would reduce the financial pressure. 2 Years pass, the house is now fully furnished and one partner has got a promotion, the initial financial burden has been subdued and they have some spare cash left over at the end of each month.\r\n<br><br>\r\nTheir 2 year fixed rate deal is about to expire and they start to shop around for a new product, now would be a perfect time to investigate reducing the term and thus reducing the total amount of interest repayable.\r\n<br><br>\r\n<strong>Don't shorten the term if you can overpay!</strong>\r\n<br><br>\r\nIt’s important that you fully understand all the features of your mortgage product as they aren’t all the same. Some mortgages especially variable rate mortgages may allow you to make overpayments of any amount and at any time during the loan term. By doing this you would effectively reduce the mortgage term with the added benefit of being able to cease making overpayments should you wish to do so at any time.\r\n<br><br>\r\nSome mortgage products such as fixed rate deals may only allow you to overpay by 10% per year and some may not allow you to make overpayments at all without being subject to an ERC ( Early Repayment Charge ).\r\n<br><br>\r\nIf you are considering a re-mortgage and wan to know more about the options available contact one of our mortgage brokers today. We use the latest software to search through a comprehensive range of lenders and our Brokers have a wealth of experience guiding our clients to a suitable mortgage product and we never charge a fee for our services.\r\n ","section_style":"splash"}],"page_date":"Fri Jan 06 2023 16:57:58 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["remortgage"],"_id":"63b853a1a64e04411c3774b2","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage to pay off debts","meta_title":"Re-mortgage to pay off debts - Mortgages NI","meta_description":"Re-mortgage to pay off debts by releasing equity from your current property. Contact Mortgage Adviser NI to see if this is suitable for you. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgaging-to-pay-off-debts","page_menu_link":"Debt consolidation remortgage","page_sections":[{"_id":"63b853a1a64e04411c3774b3","section_title":"Debt consolidation remortgage","section_content":"Re-mortgaging to pay off crippling loans, overdrafts and credit card debts may seem like a great idea but it’s not always the best way to deal with the problem. Re-mortgaging to pay off debts does have some serious pitfalls. Let's take a typical example to illustrate the problem.\r\n<br><br>\r\nA homeowner has acquired unsecured debts of £10,000 spread over various credit cards and loans, they decide to investigate 2 options.\r\n<br><br>\r\nOption 1 – Re-mortgage their home for an additional £10,000 at say 3% over a 20 year term which sees their monthly payments rise by £55 per month of which £25 would be additional interest.\r\n<br><br>\r\n£25 / month interest x 12 months / year x 20 years = £6,000 total interest repayable.\r\n<br><br>\r\nOption 2 – They take out a personal loan for £10,000 over 5 years at say 4.5% APR and use the money to consolidate all other debts. The monthly payment on the loan would be roughly £186 per month £131 more than remortgaging, however, the debt would be cleared within 5 years and the total interest repayable would be £1,161.\r\n<br><br>\r\nIn total re-mortgaging, your home would cost an additional £4,839 to repay the debt and that’s assuming that 10 years down the line you can get a 3% remortgage deal.\r\n<br><br>\r\nWith that being said some people may find themselves in such circumstances that a debt consolidation rem-mortgage is their best option.\r\n<br><br>\r\nOur mortgage brokers are well placed to assess your circumstances and help you decide which option is best for you. Contact us today and we will arrange a fee free consultation.\r\n<br><br>\r\nDebt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator these services may be more suitable for you.","section_style":"splash"}],"page_date":"Fri Jan 06 2023 17:00:17 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["remortgage"],"_id":"63b8558da64e04411c3774c3","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Remortgage FAQ","meta_title":"Re-Mortgage FAQ - Mortgages NI","meta_description":"Have a look at our re-mortgage guide to make sure you don't miss out on saving money. Contact mortgage adviser ni for the best re-mortgage rates. ","page_category":"remortgage","isParental":false,"page_parent":"/re-mortgage-advice","page_url":"/re-mortgage-guide","page_menu_link":"Remortgage FAQ","page_sections":[{"_id":"63ddb71408368a00184d6a5d","section_title":"Remortgage FAQ","section_content":" We all know that spending your weekend searching through re-mortgage comparison tables is the last thing you want to do but it could save you a lot of money. Below is a quick guide detailing what you should be looking out for when searching for a new deal. We hope it helps if you need any further assistance contact a mortgage broker today and we will guide you through the process.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a5e","section_title":"Should you remortgage","section_content":" There are so many reasons why you should investigate re-mortgaging with the main one being saving money and it could be big money.\r\n<br><br>\r\nFor the majority of people their mortgage will be their biggest financial commitment and it would be foolish to not spend at least a little bit of time finding the best product available.\r\n<br><br>\r\nFor some people sticking to their current lenders SVR ( Standard Variable Rate ) may be the best option but if you do make sure that it is through choice and not through laziness or you could find that you have wasted a fortune in interest repayments.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a5f","section_title":"Who shouldn't remortgage","section_content":" It all comes down to money, you have to decide if the potential savings out weigh the costs involved. You should always check the market but maybe you fall into one of the following categories and you find that re-mortgaging isn’t the right thing for you just now.\r\n<br><br>\r\n<strong>The lucky ones -</strong> Those of you who are already on a great deal eg. If you are lucky enough to be on a good long term fixed rate it's probably best to try to keep the same deal you currently have even if you are trying to raise additional funds, this can also be accomplished with a further advance which would allow you to keep the deal you are on and still raise additional funds.\r\n<br><br>\r\n<strong>The unlucky ones - </strong> On the other hand you may be locked into poor deal by hefty ERC’S ( Early Repayment Charges ) in this case it would be foolish to switch products or providers until the incentive period had passed.\r\n<br><br>\r\nNevertheless, you should be ready to move when the time is right to check the market 3 – 6 months before your deal ends and be ready to switch and save.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a60","section_title":"What type of mortgage should you go for?","section_content":" Re-Mortgaging will present you with a world of options to choose from but how do you decide which deal is right for you. Should you take a fixed rate, tracker, discount, interest only or flexible mortgage the list goes on.\r\n<br><br>\r\nThe answer depends on your circumstances for example if you intend to move home a year down the line it would be foolish to take out a 2 year fixed rate deal with hefty ERC’s.\r\n<br><br>\r\n<a href=\"/contact-us\">Contact a mortgage broker</a> today and we will assess your situation free of charge.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a61","section_title":"What term should you choose?","section_content":" If your goal is to be mortgage free as soon as possible you may consider reducing the term but you should also check if your new product allows you to overpay at any time as this has the same effect with the added bonus of being able to stop making the additional payments if you choose to do so.\r\n<br><br>\r\nIf however you are struggling to keep up with your repayments or you can see additional financial commitments on the horizon eg you have a baby on the way it may be possible to extend the term and reduce your monthly repayments. This should be treated with caution, extending the term will mean you pay considerably more in the long run.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a62","section_title":"Check the fees","section_content":" The Mortgage rate is not the only factor to consider when re-mortgaging. You need to do all your sums and make sure that you have selected the right product.\r\n<br><br>\r\nSome deals boasting a great rate may include booking fee’s, arrangement fee’s, valuation fee’s and legal fee’s to name a few. On the other hand a product with a slightly higher rate may be fee free and could even offer cashback making it a better product for you a lot depends on how much you want to borrow.\r\n \r\n ","section_style":"splash"},{"_id":"63ddb71408368a00184d6a63","section_title":"Use a mortgage broker","section_content":" A mortgage Broker deals with situations just like yours on a daily basis. Our Brokers use the latest software to scour the market for the best deals and know what questions to ask in order to find the right product for your personal circumstances. we do not charge a fee for our services and being part of the First Complete network gives us access to products that you won’t find on the high street.\r\n \r\n ","section_style":"splash"}],"page_date":"Fri Jan 06 2023 17:08:29 GMT+0000 (Greenwich Mean Time)","__v":0}]
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