Published on: 2 February 2021
Looking to remortgage? If you’re coming to the end of your current mortgage deal and looking to explore your options for remortgaging your home, we could help. We understand the importance of finding the right mortgage to meet your needs, in fact, we’ve been helping our members to own their own homes since 1860!
Ready for a new mortgage deal?
You’re probably wondering, why remortgage? There are several reasons for remortgaging, but whatever the motive, we’re here to support you now, and in the future with our range of lending solutions; exclusively available to Guernsey residents through SPF Private Clients.
Your mortgage deal may be ending soon…
If you’re coming to the end of your current mortgage deal, you may be looking to take out a new product to avoid paying the Standard Variable Rate (SVR) on your mortgage, which could be higher than the interest rate you’ve been paying. Or, you may be looking to secure a fixed rate deal in case interest rates go up, which could help to save you money in the long run.
You’ve found a more suitable option elsewhere…
Your mortgage is likely to be the biggest financial commitment you have, so even if you’re in the middle of your current mortgage deal, it doesn’t hurt to look around to make sure you’ve got the best product to meet your needs. If you’re wanting to make overpayments on your mortgage, for example, you may be thinking of switching to a lender who will let you make higher payments than your current lender allows.
Some mortgage products have Early Repayment Charges (ERCs) – so you’ll need to check whether these apply, and what it might cost you to change lenders before the end of your product term before deciding whether this could be suitable for you.
Your home has increased in value or you want to borrow more
Did you know, if your home’s value has risen since you took out your mortgage, you may be eligible for a lower rate? As the value of your home increases, and you continue to pay more off your mortgage, the Loan to Value (LTV) decreases, which means you could be eligible for a lower rate than you’re currently paying.
Planning to make some home improvements? Remortgaging could also allow you to borrow more money against your home, which means you could raise funds to refurbish the kitchen or extend your property for example.
What to expect when you remortgage
It’s important to consider the full impact of remortgaging before starting a new deal and you should always check the terms and conditions of your current mortgage if you’re planning to remortgage before your product term has ended. If your circumstances have changed since you took out your mortgage, it always helps to talk to the lender you’re looking to move to as you’ll need to make sure your new circumstances are acceptable to them and that the product meets your needs.
How can the Marsden help?
All our products are available for purchase or remortgage, which means you’ll see the rates we can offer depending on the type of mortgage you’re looking for on our mortgages page. Alternatively, if you’d like to find out more, your advisor at SPF will be able to help you and answer any questions you might have about remortgaging with the Marsden. You can get in touch with SPF by calling 715234 or emailing email@example.com.