Remortgaging refers to the process of switching your existing mortgage to a new lender or renegotiating the terms with your current lender. Our FR mortgage advisers can help you calculate and compare all the options available.
There is generally the right to an initial commitment to remain with the lender for a certain period with new mortgages. For example, let’s say that you have a five-year, fixed-rate contract with your lender, you must stay with your lender for at least five years, or you may have to pay an early repayment charge (ERC). You may remortgage to buy a bigger home or in a different location as per your requirement. You may also remortgage to find a better interest rate and to raise capital. That is why we also support our clients in their search for other lenders who can offer them cheaper options available in the market.
Please note that you may have to pay an early repayment charge to your existing lender if you remortgage.