If you currently have a property under the terms of a mortgage, it can be tempting to look into refinancing your mortgage in the pursuit of favourable terms.

However, before you decide to make any borrowing commitments, it is important to take advantage of all the remortgage advice you have access to and do as much research as you can, from the plans and options available to the current Bank of England rate to ensure you get the best deal.

Remortgaging is when you pay off one mortgage with another, typically under better terms that can reduce your monthly payments.

Here are some top tips when deciding on a remortgage plan:


Check Your Credit Rating

Your credit rating is the way most mortgage providers will determine if you are a suitable candidate, as it highlights how likely you are to pay off debts.

The way to boost your credit score if you have had issues before or do not have any debt is to prove you are capable of paying recurring payments and debts.

Check your credit score, look into what factors have affected it and you will be more aware of what remortgage options are available to you.


Shop Around

Whilst your current provider is likely to give you remortgaging options, you can also go to another building society or bank to find another option, or use a broker to find the best deal you can.

Be prepared to take some time to find the best choice, and do not commit unless you feel you have the best deal possible, as it could be costly to change course.


Do Not Commit Too Early

Multiple loan or mortgage applications can have a negative effect on your credit score, so do not fill in an application without being fully ready to commit.

Look for lenders that offer an Agreement In Principle, which isn’t an actual application but gives you an idea if you are likely to be accepted if you did apply.


Check Your Fine Print

Check the terms of your current mortgage, as there may be unexpected expenses associated with getting a remortgage.

The most common example of this is early repayment charges which can be levied when you remortgage, but other charges are possible if you, for example, move to another lender.

Make sure you know that you would actually save money with your remortgage under these terms before you apply and seek professional advice on any contract you are set to sign.


Check Your Loan-To-Value And Try To Lower It

Your loan-to-value ratio or LTV is the size of your mortgage compared to the value of the property attached to it.

You can work it out by dividing the amount you owe by the current value of the home, multiplied by 100 to get the percentage.

The lower this figure is, the less risky the remortgage is and the better terms you can get a loan under.

This involves not only checking how much you have already paid on your mortgage but also checking how much your property is worth in case it has changed since you bought it.

For more information about any of our services, or if you have any questions relating to remortgage options, get in touch by calling us on 0203 3939 222.

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Hannah D
Hannah D
07:42 09 Sep 19
I would fully recommend Greg and Greenacre Financial Services. As a first time buyer I was daunted by the process of... finding the right mortgage for me however Greg made the process really simple, clear and quick. He was always available to answer any questions and happy to explain everything. I wouldn’t hesitate in recommending Greenacre FS to my friends and family.read more
Jessica Cohen
Jessica Cohen
19:33 26 Aug 19
We first met with Greg in May for advice as we had adverse credit and irregular pay and didn't think a mortgage was in... our reach. Less than two weeks later Greg had fully arranged a great deal for us on our first mortgage. He was available whenever we needed him, 7 days a week and in the evenings. We cannot thank Greg enough for helping us buy our first home!read more
Seren Fletcher
Seren Fletcher
08:56 24 Aug 19
Would highly recommend Greg and Greenacre Financial Services. Was extremely professional and helpful. Our mortgage... wasn’t straight forward due to my husband being self employed but Greg was very knowledgable and managed to find us a really good mortgage. Looking forward to working with him again in the futureread more
13:24 23 Aug 19
Graham at Greenacre was excellent in helping me get a mortgage for my house purchase. He was always available when... needed, provided an efficient service and was very knowledgeable. Highly recommended!read more
Ian Hatter
Ian Hatter
11:07 16 Aug 19
What can I say, Greg has been absolutely amazing in sorting out a mortgage for me I never thought was possible. It has... meant I have been able to buy a house, a few months ago, I would never have dreamed of being able to buy after talking to high street lenders. He worked exceptionally hard and always kept me updated with every step of the process. Buying a house is extremely stressful, but Greg took all that stress away from me. I cannot recommend Greg enough to anyone looking to buy a property. Thank you so much for your help Greg, it's greatly appreciated.read more
Sean Kelly
Sean Kelly
15:27 30 Jul 19
10/10 EXCEPTIONAL service and result. Highly recommend. Greg and the Greenacre Financial Services team were fast,... knowledgeable, and honest. All the qualities you want and need. Very pleased I was recommended to Greenacre. Customer for life!read more
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