If you are a homeowner, remortgaging could be a smart financial move for you in 2023. It can help you access extra funds and make the most of your biggest financial asset - your home.

One significant advantage of remortgaging is the potential savings it could offer you. Many banks and lenders are likely to offer competitive deals, which could help lower your monthly repayments. Even if you already have a good interest rate, it's still worthwhile to explore your remortgaging options and see if you can secure more attractive rates.

Can I remortgage during my fixed deal?

However, it's worth noting that if you opt for remortgaging before your fixed-rate deal has ended, you may incur an early repayment charge/exit fees. These charges need to be taken into account when discussing your affordability for the new mortgage deal. As a rule, we always advise our clients to remortgage before their existing deal goes onto the lender's standard variable rate, this is usually switched over 3 months before the deal is due to end, as the lender's SVR is usually a much higher interest rate.

As part of the remortgaging process, our team of experienced mortgage brokers will compare deals with leading lenders, both old and new, to find the best fit for your financial situation. Whether you stay with your current lender or opt for a new one, our brokers will take into account your payslips to confirm your income and run a credit report assessment to identify any other debts that may affect your eligibility for a new mortgage deal.

How long will my mortgage term be?

It is vital to consider mortgage terms when remortgaging. A longer mortgage term could help reduce your monthly payments, though, it may take you longer to clear the balance on your mortgage. However, the most important factor to consider when choosing a mortgage term is whether you can afford to make your payments regularly and without disruption.

Another option to explore is a product transfer, which allows you to move from one deal to another with your current lender. Depending on your mortgage terms, this may offer better interest rates than remortgaging with another lender.

Can I remortgage to release money?

Should you consider borrowing extra funds when remortgaging, a property valuation will be undertaken to determine the value of your property and how much equity you hold. Remortgaging could mean you borrow funds that you can put towards home improvements, investing in new properties, or consolidating various debts. At LTC Mortgages, we also consider your outstanding mortgage balance and the financial sense of raising money from your current property while ensuring affordability in any mortgage application.

As with any mortgage, all current financial commitments are taken into consideration when assessing your affordability, to access your credit report sign up here.

In conclusion, remortgaging in 2023 could be a wise move, as it could offer you financial savings or help unlock additional funds. Talk to our team of experienced mortgage brokers today, and we can help find the best remortgage deal for you.

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, email at [email protected] or call us at 0151 662 0188.