Your Remortgage Questions Answered: How to Save Money and Get the Best Deal
Updated: Feb 25
Remortgaging in Cardiff means taking out a new mortgage to replace your existing one. This can be a good idea if you want to save money on your mortgage repayments or get a better deal. However, it's important to do your research and make informed decisions to ensure that you're getting the best possible deal.
Is remortgaging a good idea?
In some cases, remortgaging may be a good idea. For example, if interest rates have dropped since you took out your first mortgage, remortgaging could help you save money on monthly payments. Similarly, if you want to switch from a variable rate to a fixed rate mortgage, remortgaging may provide you with greater repayment stability and predictability. Our Mortgage Brokers in Cardiff can help you.
Why would I want to remortgage?
You may want to remortgage for a variety of reasons. These are some examples:
to reduce your monthly mortgage payments
to obtain a lower interest rate
To convert a variable rate mortgage to a fixed rate mortgage
To free up equity in your home
To consolidate debts, for example, through a debt consolidation mortgage
you want to find out how much you can borrow, our online mortgage calculators can help online mortgage calculators.
Can I still remortgage with bad credit?
Remortgaging with bad credit may be more difficult, but it is not impossible. You may need to shop around and consider specialist lenders who offer bad credit mortgages. You may be required to provide additional documentation to prove your income and ability to repay the mortgage. If you are in an Individual Voluntary Arrangement, an IVA mortgage may be an option for you.
Cheap Remortgage Deals
To get the best deal on your remortgage, it's important to shop around and compare rates. Some of the best remortgage deals currently available include:
YBS mortgage rates
Lloyds remortgage rates
Santander remortgage deals
NatWest mortgage deals
Buy to Let Remortgage Rates
If you're a landlord looking to remortgage your buy to let property, some of the best rates available include:
Birmingham Midshires buy to let mortgage rates
Coventry Building Society buy to let mortgage rates
Do you need a good credit rating to remortgage?
A good credit rating can help you get a better remortgage deal, but it is not always necessary. You may still be able to remortgage if you have bad credit, but you may have to pay a higher interest rate and provide additional documentation to prove your income and affordability.
How to get a remortgage with bad credit but good income?
If you have bad credit but a good income, you may be able to improve your chances of remortgaging by doing the following:
Providing additional documentation to demonstrate your income and ability to pay
Working with a bad credit mortgage specialist mortgage broker
Consider a lender who specialises in mortgages for people with bad credit.
Wait until your credit score has improved before remortgaging.
Is it worth remortgaging every 2 years?
For some people, remortgaging every two years may not be worth it. It is determined by your personal circumstances as well as the market deals. However, it's a good idea to review your mortgage on a regular basis and consider remortgaging if you can save money or get a better deal.
Remortgaging your mortgage can be a great way to save money and get a better deal. You can ensure that you're getting the best deal and saving money in the long run by checking your credit score, shopping around, considering a fixed-rate remortgage, factoring in fees, being aware of early repayment charges, and seeking professional advice. You can still remortgage if you have bad credit, but you may need to consider specialist lenders and provide additional documentation to prove your income and affordability.