Remortgage

Remortgage or switch your mortgage to save thousands

Remortgaging is a daunting prospect. Concerns about your ‘affordability’ can make you want to bury your head in the sand. Ignoring the problem could cost you £1000’s more than necessary.

Remortgaging options

Fundamentally there are two options: Switching to a new rate with current lender or moving to an entirely new lender.

The important thing is that you avoid your lender’s Standard Variable Rate (SVR). This is the interest rate your mortgage automatically reverts to at the end of the fixed term. They currently range between 7-9%!

You can lock in a new mortgage rate up to 6 months before your fixed rate is due to end…..and if by some miracle, rates fall before your new deal starts you can ditch the rate you’ve secured and take the better one.

Use an Adviser

Of course we’re going to extol the virtues of taking advice, but honestly there are so many reasons why this is a good idea:

  • More choice: Using an IFA, specifically a directly authorised IFA like Armed Forces Financial Services, gives you access to far more mortgages than you would necessarily have access to on you own.
  • We’re qualified: To be able to give advice an Independent Adviser has to gain suitable qualifications as determined by the FCA.
  • We have info that is often difficult to find, for example, lenders’ credit and affordability criteria. So, we can ease acceptance by matching you to the right deal.
  • Easy process: For existing clients that use AFFS to reserve a new rate early with your current lender, you probably won’t need to supply any supporting document or have new credit / affordability check carried out. If rates fall before the new deal starts, we can switch you to the new rate, hassle free.
  • And in the case of AFFS, we’re ex-members of the Armed Forces ourselves so we understand your specific needs better than most other IFAs and Mortgage brokers.

    We do not charge fees for serving or retired HM Forces.

    Other times you may want to remortgage:

    • You’ve suddenly got a bit more money in your pocket and you want to make a larger overpayment than you’re allowed to with your current fixed rate
    • You’ve lots of equity in your house and can get a better rate
    • You want a holiday payment but your current provider won’t let you
    • You want a mortgage that combines savings and mortgage
    • You want to borrow more and your current lender has said no

    ALWAYS CHECK YOUR EARLY REPAYMENT CHARGES & FEES FIRST

    Remortgaging shouldn’t be stressful which is why AFFS provide a fee free & stress-free remortgage or switching service. This service is available to anyone in the UK Armed Forces, Veterans or military families. We have immediate online access to all lenders which means not only do we complete the entire process as quickly as possible; we also get access to exclusive rates.

    The process is super quick and easy to understand. In fact you can just fill in our remortgage fact find and then leave it to us.

    Learn more about our mortgage, Help to Buy & insurance services

    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.