What is Remortgaging?
At The Cambridge, we know your mortgage is more than just numbers - it's about feeling confident that your mortgage suits your needs. Remortgaging simply means moving your existing mortgage to a new lender, without moving home.
If you're already a mortgage customer at The Cambridge and want to switch your existing deal, find out more here or if you want to borrow more, this is a further advance. If you'd like to discuss borrowing more, book an appointment with one of our Mortgage Advisers.
Why choose to remortgage
You may choose to remortgage for many reasons, including:
- Finding a better deal – such as a lower interest rate or more flexible terms.
- Your current deal's ending – many fixed or discounted mortgages revert to a higher standard variable rate.
- Releasing equity – to fund home improvements, consolidate debts, or invest in another property.
- Extending your mortgage term – if your current lender can’t accommodate your needs.
- Improved service – you may want a provider that offers better customer support.
When remortgaging may not be right for you
It’s important to weigh up costs and benefits. Remortgaging may not be worthwhile if:
- Your early repayment charges (ERCs) are high.
- You have a small outstanding balance – fees may outweigh savings.
- Your property value has fallen, especially if you’re in negative equity (your mortgage debt exceeds the value of your property).
- Remortgage costs (legal fees, valuation, arrangement fees) exceed potential savings.
Steps to remortgage with The Cambridge
1. Speak with one of our Mortgage Advisers
We’ll assess your affordability, discuss your goals, and recommend suitable deals.
2. Application & Valuation
Submit your application, providing proof of income. We'll conduct a credit search and arrange a valuation of your property. For some mortgage deals we will pay for the standard valuation report. Once our enquiries are complete, we will send you a ‘Mortgage Offer' confirming that your mortgage has been agreed.
3. Legal Work
Our panel solicitor (or your chosen one) will handle the legal process, including repaying your current lender. Standard legal fees may be covered with certain mortgages.
4. Switch Complete
Your new mortgage is set up, and you start benefiting from your new deal.
Steps to remortgage with The Cambridge
1. Speak with one of our Mortgage Advisers
We’ll assess your affordability, discuss your goals, and recommend suitable deals.
2. Application & Valuation
Submit your application, providing proof of income. We'll conduct a credit search and arrange a valuation of your property. For some mortgage deals we will pay for the standard valuation report. Once our enquiries are complete, we will send you a ‘Mortgage Offer' confirming that your mortgage has been agreed.
3. Legal Work
Our panel solicitor (or your chosen one) will handle the legal process, including repaying your current lender. Standard legal fees may be covered with certain mortgages.
4. Switch Complete
Your new mortgage is set up, and you start benefiting from your new deal.
Other things to think about
Before you remortgage it's worth checking:
- The overall cost of remortgaging, including fees. Your current mortgage lender can help you calculate any ERCs in relation to potential mortgage savings.
- If you're looking to raise funds then there could be other ways, such as releasing savings.
- If there are alternatives with your current lender, which might me simpler.
Summary
Remortgaging can be a positive step, whether you're looking for a new deal, different features or to release some equity. But it's important to make sure it's the right choice for you.
At The Cambridge, we're here to help you understand your options and guide you through the process. When you remortgage with us, you'll benefit from:
🌟Clear, straightforward advice from our experienced Mortgage Advisers
🌟Personal support from a team that listens and works with you to find a mortgage that's right for you.
🌟Appointments in a way that suits you - whether that's face-to-face or over the phone
🌟A trusted local building society with over 175 years experience of helping people have a home
If you're considering remortgaging, we'd be happy to help you find the right mortgage for you. Book an appointment, in branch or over the phone.
Further information
· Unsure what some of these terms mean? Visit our mortgage glossary.
· The Money Advice Service offers more information on negative equity.
· If you have an existing mortgage with The Cambridge and are looking to switch deals, read our "Switch your mortgage deal" guide
📆 Ready to talk through your options?
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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