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Re-mortgages - understand your existing mortgage

If you are thinking about re-mortgaging the first thing you need to do is make sure you understand your existing mortgage payment terms. Any early repayment charges that you may face (fees you pay for repaying the mortgage early) might outweigh the benefits of re-mortgaging at the current time.

Any borrowers currently on fixed, capped or discounted mortgages are likely to encounter early repayment charges for moving a mortgage. Nearly all mortgages that offer such 'special' rates will also charge penalty interest for moving your debt during the special rate period.

Some mortgage deals also come with 'overhangs'. In these deals the borrower's mortgage is tied to the lender's standard variable rate for a set period of time after their fixed, capped or discount incentive rate expires. Any move to re-mortgage during this overhanging period would also attract early repayment charges.

So, you need to know what kind of mortgage you already have. You must be able to answer these questions:

• Are you in a special rate deal - if so for how long?
• If you are no longer paying a special rate, are you in an overhang period?
• What penalty payment, if any, will be required to move your mortgage?

Enquire

Talk to us about re-mortgaging now by completing our enquiry form. We do not charge broker fees and can provide a same day written quotation.

More on Re-mortgaging

• Re-mortgages
• Why re-mortgage?
• Understand your existing mortgage
• Re-mortgage costs

Important

Your home may be repossessed if you do not keep up repayments on your mortgage.

Professional Financial Services is a trading name of Global Financial Ltd. Global Financial Limited is an appointed representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Services Authority. Registered in England, number 922704, registered office as above.

The Financial Services Authority does not regulate some aspects of commercial mortgages.

The Financial Services Authority does not regulate taxation and trust advice.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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