Reviewing your mortgage with an advisor is a great way to get access to extra funds and make the most out of your biggest financial asset - your home. In 2023, remortgaging can offer you a range of benefits that can help you unlock financial freedom.

One of the main benefits of remortgaging in 2023 is the potential for financial savings. You may be able to access a more competitive mortgage rate that could help you save money on your monthly repayments. Even if you have a good interest rate, it's worth looking at remortgage options as banks and other lenders are likely to offer more attractive rates in 2023.

Can I remortgage early?

If you are looking to remortgage early before your fixed rate deal has ended, an early repayment charge/exit fees may be payable which will need to be taken into consideration when discussing your affordability for the new mortgage deal. We will always advise you to remortgage before your existing deal goes onto the lender's standard variable rate as this is a much higher rate of interest.

Finally, remortgaging in 2023 can also give you the opportunity to switch from an interest-only mortgage to a repayment mortgage. This means that you would pay off more of your debt each month and could help you become mortgage free sooner.

By considering a remortgage in 2023, homeowners have the potential to benefit from reduced monthly payments compared to what they may be paying on their existing deal, access additional funds or switch to a repayment mortgage - all of which could help you unlock financial freedom.

If you obtain an online agreement in principle, they aren't always accurate as they don't assess your full financial position which means you may only be able to lend less than what you first expect. All mortgage lenders will assess every aspect of your affordability which includes any other debts you may have that are paid every month.

How will my affordability be assessed for a mortgage?

Mortgage brokers will compare deals with mainstream lenders during the remortgaging process, this is to find a new deal for you with mortgage payments that suit your financial situation, this is often done with a new lender but there are also situations where it is more beneficial if you stay with the same lender you are currently with.

We will take a look at your payslips to confirm your income, providing a credit report is also important as this shows us any other debts that you may currently have, this is all taken into consideration when we review your current mortgage deal to look at moving you onto the best deal for you.

The mortgage term also plays a big part in this as the payments are cheaper over a longer period, it may take you longer to clear the mortgage balance but the mortgage payments will be more affordable for you and sometimes that's more important.

It may be a cheaper option to stay with your current lender and this is called a product transfer, the interest rates may be better with the lender you are currently with. This means that your mortgage will be placed on to a new deal but with the same lender.

Can I take out extra money when I remortgage my property?

If you own your own home and you are looking to borrow money for any number of reasons then read on. A property valuation will take place after your mortgage application is submitted, this is to find out the value of your property which will determine how much equity is held in the property.

Remortgaging could also give you access to additional funds, allowing you to put the money towards home improvements, investing or debt consolidation. This can be especially useful if you have a large amount of equity in your home as you may be able to borrow more than you would under a standard mortgage arrangement.

We will also take into account your outstanding mortgage balance and if it makes financial sense to raise money from your current property as affordability is the main factor when applying for any type of mortgage.

If you're considering remortgaging, our team of experts are here to help. We can provide tailored advice and find the best solution for your needs. Get in touch today to see how we can help you make the most of remortgaging in 2023.

We can provide you with the advice you need either face-to-face or over the phone whenever you need us. We can help you get the right remortgage deal in Liverpool for you as well as choose the best protection for you.