BGA Financial Services

Your Guide to Re-Mortgaging

There are plenty of good reasons to remortgage. You may want to benefit from a better rate, or perhaps you may want to raise additional funds.  Here we look at the pros and cons of remortgaging, and what to do if you would like to pursue this option.

When should you remortgage?

There can be several reasons to re-mortgage, These may be:-

  • you are coming to the end of your current deal
  • you are paying your lender’s standard variable rate
  • you wish to raise more capital against the equity in your home, eg, to build an extension.
    Think carefully before securing other debts against your home.

If any of these apply it may be a good time to start thinking about remortgaging. We set out below the steps:-

1. Check out your mortgage options

There are a number of mortgage and repayment options available. Contact us for a free initial mortgage consultation where we can take you through these.
We will ensure that the savings outweigh the costs as there may be fees and charges involved in remortgaging.

We will provide you with your mortgage quote Key Facts Illustration plus (KFI+) or the new European Standardised Information Sheet (ESIS) for your chosen mortgage – this will tell you everything you need to know when making your decision.

2. Apply for your mortgage.

  • a) We will use our specialised individual mortgage programme to find you the most suitable mortgage product available.
  • b) We will provide you with your mortgage quote Key Facts Illustration plus (KFI+) or the new European Standardised Information Sheet (ESIS) for your chosen mortgage – this will tell you everything you need to know when making your decision.
  • c) We will then apply for the mortgage on your behalf.

3. Obtain a property survey and valuation

The mortgage lender will require a standard Valuation for remortgage purposes to be carried out by a surveyor of their choice. This will usually be free of charge but we will advise you should there be any cost for the valuation.

4. Sort out your mortgage protection and insurance

As you are remortgaging you will need to review any existing mortgage protection as this may no longer be suitable for your needs. We can provide mortgage protection, family protection, buildings and contents insurance and as Independent Financial Advisers we can find you the best deals available.

5. Legal work

The mortgage provider will usually arrange all the legal work regarding the re-mortgage free of charge and you will be sent documents for signature direct from their chosen solicitor. All legal work is usually free of charge with a re-mortgage but we will advise you should there be any costs.

6. Completion

The re-mortgage will complete on the day of your choice. Once all the legal work has been completed.

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A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
The Financial Conduct Authority does not regulate Conveyancing / Legal Services.
You can visit our sister company website to obtain some information regarding the tax situation.

Kate Beale

For more information on re-mortgaging contact Kate Beale on:

Tel: 01206 871120
Email: kate@bgafs.co.uk

We will use your name, email address and contact number ('personal information') to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with our advisers. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy or contact info@bgafs.co.uk or 01206 871120 to obtain a copy.

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