Remortgaging advice
How expert advice can unlock new deals, new lenders, and mortgage offers you wouldn't find elsewhere.
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Unpacking your remortgage options
Remortgaging is a big decision - it's normal to feel overwhelmed by all the options. Whether you're trying to save money, reduce your monthly payments, or release equity from your property, finding the right remortgage deal is key. But how do you navigate the options? The answer is often expert advice.
The input you get can make a huge difference in securing the right deal. Professionals can help you understand your options, weigh the pros and cons, and guide you on everything from mortgage applications to estate agent fees. Let's break down the differences between brokers and our own group of advisors, so the next mortgage decision you make is right for you.
Mortgage brokers: your personal guide
A mortgage broker acts as the middleman between you and lenders. Their job is to search for and compare mortgage deals that suit your exact needs, guiding you towards the right product. They often have access to a wide range of deals, including some that may not be available directly through high street lenders.
Benefits of working with a broker:
- Market expertise: Brokers are experts in mortgage deals and can explain the technicalities of different products. They'll walk you through interest rates, terms, and hidden fees, helping you understand what's right for you.
- Exclusive access: Brokers may have access to mortgage deals that aren't available to the public, so you can secure a better deal than you might find on your own.
- Personal recommendations: Brokers consider your full financial circumstances, such as your income, credit score, and long-term goals, to find the deal that works best for you.
Let's say you're self-employed or have a complicated income structure - a broker can help you find flexible lenders more willing to work with your situation. Either way, they can give you an edge in a competitive market.
Brokers typically charge a fee, whether it's a flat rate or a percentage of your loan amount straight from the mortgage provider. This can vary by broker and the complexity of your case. It's also important to find out if they're independent or tied to specific lenders.
Mortgage advisors: a fresh perspective
Money Saving Advisors can give you access to a network of experts and advisors who can offer guidance on your remortgage. Rather than working with a single broker, you can get advice from a panel of specialists, each of whom brings unique expertise to the table. This can mean more tailored advice, depending on your specific needs.
Benefits of working with an advisor:
- Variety of advice: You'll have access to advice from multiple specialists in different mortgage products, such as interest-only mortgages, first-time buyer options, or remortgages for people with bad credit.
- More lender options: Our advisors encompass a network of lenders, offering a wider variety of products and more chances of finding a deal that suits your needs.
- Tailored support: We can connect you with advisors who have a deep understanding of specific scenarios, however complex your financial history.
Let's say you're looking to release equity from your home - an advisor could find a deal that lets you unlock cash while still keeping your payments manageable. They may also know which lenders are more open to flexible arrangements.
Many advisors offer free initial consultations or only charge for specific services, so you can explore your options without committing to a fee upfront. This makes it easier to shop around and find the best deal for your situation.
Summing up
Choosing between a mortgage broker and a panel of advisors depends on your personal preferences and situation. Brokers offer the benefit of expert advice and potentially exclusive deals, but they may come with a fee and limited options. On the other hand, mortgage advisors bring a variety of perspectives, more flexibility, and tailored advice that can help you find the best remortgage deal.
Whichever option you choose, getting professional guidance is a crucial step towards securing the right mortgage for you.
Frequently Asked Questions
How do I know if I should remortgage?
Remortgaging can be a good idea if your current mortgage deal is coming to an end and your lender is offering higher rates, or if you can find a better deal elsewhere. It's also a good option if your situation has changed, such as a pay rise, or if you want to release equity. Speaking with an advisor can help you decide if remortgaging is worth it for you.
How long does the remortgage process take?
Typically, the remortgage process takes around 4 to 8 weeks, though this can vary depending on your circumstances and the lender. A simple remortgage could take less time, while more complex situations (like applying with bad credit) could take longer. Your broker or advisor can give you an estimate based on your case.
Do I need to pay an advisor?
Some advisors offer their services for free, while others charge a fee for their time and expertise. It's important to clarify the costs upfront before working with an advisor. Make sure you understand how they're compensated - whether it's a flat fee or commission from lenders - so there are no surprises.
Can I remortgage with bad credit?
Yes, you can remortgage with bad credit, but the process may be more difficult. Lenders who specialise in remortgages for those with a poor credit history may be available, and an advisor or broker can help you find them and guide you through the options. It's important to be upfront about your credit history so they can find the most suitable products.
What's an early repayment charge?
An early repayment charge (ERC) is a fee that lenders charge if you pay off your mortgage early, including during remortgaging. The purpose of the charge is to pay the lender back for the interest they would lose from your early repayment. If you're considering remortgaging, make sure to check if your current lender charges an ERC and factor it into your decision.
What happens if I miss a remortgage payment?
Missing a payment during the remortgage process can affect your credit rating and complicate your application. It's crucial to stay on top of payments and inform your lender if you're facing financial difficulties. Advisors and brokers can also help you navigate issues that arise from missed payments, to avoid damaging your ability to remortgage.
About the author
Lawrence Howlett
Lawrence Howlett brings a results-driven mindset to his writing, shaped by over a decade of experience across finance, legal, and energy sectors. As the founder of Moneysavingadvisors, he’s built a reputation for turning complex financial concepts into clear, actionable insights for consumers. His writing stands out for its clarity, structure, and focus on delivering value.
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