Re-mortgaging or the re-financing of your property is where you switch the mortgage on your home to another lender or negotiate a better deal with your existing one.
If your current mortgage deal is about to come to an end, it’s important to look around and explore your options. Do this in good time before you get transferred onto your lender’s standard variable rate (SVR) as this could be higher than your current rate.
Here are a some of the main reasons people decide to re-mortgage a residential, commercial or investment property:
- To reduce costs after the expiration of a fixed interest deal or incentivised purchase
- To free up capital for an additional property purchase
- A change in your financial circumstances
When you are ready to apply for your new mortgage, make certain you speak to a qualified advisor at Properties on the Market and we’ll put you in contact with a verified service provider or mortgage broker.