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Have you got your mortgage with another lender and are looking for a better deal? Or are you looking for further borrowing? We offer great value remortgage deals if you’re not moving home but want to change your mortgage lender.
Most new mortgages come with an initial commitment to the lender to stay with them for a period of time. For example, if you have taken a 2 year fixed rate, you would be expected to remain with that lender for at least 2 years or you would incur an Early Repayment Charge for repaying the mortgage sooner.
At the end of the initial commitment period however, you are in a position to ‘shop about’ again for the next mortgage.
The first thing to do is to consider any offerings your existing lender has. Your existing lender may have some rates you can switch to and the advantage of this is speed. However, the rates which they offer may not represent the most cost effective solution for you if another lender in the market is offering a cheaper overall product. Our advisers at Reliance Mortgages Ltd can help you to compare all the options available.
If you have equity in your home and you want to borrow against that equity perhaps to complete home improvements, buy a second home or purchase a car etc, then there are a number of options available.
You can approach your existing lender for a further advance. This essentially is an increase to your existing mortgage, however the lender may breakdown the loans separately meaning that you might have different interest rates or terms on each part of the mortgage. Therefore you will need to qualify for the additional borrowing.
If you look to remortgage to another lender, you can choose to increase your mortgage at the same time, again subject to meeting the lenders criteria such as affordability.
If you are in an initial period where you will incur an early repayment charge for remortgaging and/or you are unable to obtain a further advance, another option is to take a second charge. This is a loan with a second lender, which is secured on your home but the existing mortgage remains in place. Find out more about second charges.