See how Carrington Carr Home Finance can help you remortgage your home. We provide an efficient and hassle free service.
Simply complete the form below and one of our trained remortgage advisors will contact you shortly.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The fee for our service is typically 1.99% of the loan amount. The precise amount will depend on your circumstances.
1. What remortgage deals are available and what should I be looking out for? Remortgage products come in many different shapes and sizes - fixed rates, capped rates, discounts, cashbacks, flexible deals and Base Rate trackers, for example. Make sure the new lender or adviser explains the pros and cons of whichever deal or deals you are interested in. And don't just look at the headline rate, consider all the different features of the mortgage.
2. What rate of interest will my product have? Whatever type of remortgage deal you opt for, the lender or adviser should tell you what interest rate you will be paying and for how long. In the case of any schemes with an initial benefit period, such as fixed, discounted or capped rates, you should also be told how long this rate will apply for, and what it will alter to after.
3. How much will I save, if anything, on my new mortgage rate? If you are remortgaging onto a better deal, the lender or broker should be able to show you how much you may be saving per month on a like for like basis. If you are increasing the size of your mortgage at the same time, monthly repayments might not come down). If interest rates have risen since you took your last mortgage out, you may be looking at an increase in your monthly repayments.
4. What is the standard variable rate (SVR) the mortgage will revert to? If you are going for a discount, fixed or capped rate you may have to pay the lender's SVR when the mortgage deal finishes. While, as the name suggests, variable rates vary over time, comparing today's SVR with that charged by other lenders may give you some idea of how competitive your new lender is in general.
5. What are the new monthly repayments? The adviser should tell you exactly what your monthly payments will be at the rate quoted. In addition, make sure they show you how much you would be paying at the standard variable rate to give you an idea of what you will be paying after your initial benefit period comes to an end.
6. What is an annual percentage rate (APR?) The annual percentage rate (APR) reflects the total cost of the loan, including interest and fees shown as a percentage rate. APRs are meant to provide customers with a true reflection of the cost of the loan, and help you to compare different deals from different lenders.
7. Are there any early repayment charges (ERCs)? Most mortgage lenders apply ERCs to certain deals, such as fixed rates and discounts, for example. An ERC is usually calculated as a fixed percentage of the loan balance or several months' loan interest, and can run to thousands of pounds. You may be charged an ERC if you pay off or switch your mortgage within a certain time period. Before you remortgage, check whether ERCs apply to your existing deal, and if so, how much they will cost. Exit fees are charges levied by your existing lender when you move to a new lender to cover their administration costs, but are in the region of about £200.
8. Does the new mortgage carry any arrangement fees? Product fees vary from mortgage to mortgage and can be anywhere between nil to several thousands of pounds, depending on the mortgage product, the interest rate and the amount borrowed. So be prepared to factor this into your budgeting when you are remortgaging. Most lenders will allow you to include this within the new loan amount if you wish. Some lenders are so keen to attract or retain your business that they offer special remortgage packages with no fees. However it is important you compare these carefully as they sometimes have higher interest rates.
9. How long will the whole remortgage process take? How long is a piece of string? If there are complications, it may take some time to sort out a new deal. Most people who have remortgaged in the last year have sorted the whole thing out in seven weeks, however our quickest application took just five days. Your adviser should give you an idea of the time-scale involved. If you aren't using a broker, you will have to rely on your lender's estimate.
10. Can I remortgage more than once? You can remortgage as many times as you like, and as often as you like. But bear in mind that you may well be liable to pay ERCs if you are currently on a fixed, capped or discounted rate, and you may have to pay arrangement fees. But you should look at your mortgage every year and see whether remortgaging would save you money.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Carrington Carr Home Finance Limited is an appointed representative of Legal & General Partnership Services Limited which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance.
Carrington Carr Home Finance Ltd, Reynard House, 37 Welford Road, Leicester, LE2 7AD. Registered in England No. 2105488. Registered Office: Reynard House, 37 Welford Road, Leicester, Leicestershire, LE2 7AD