Re-mortgaging allows you to switch your current mortgage deal to another lender or negotiate a better deal with your existing one, and there are many reasons to consider it. CARA Mortgage Services are here to make the process easy. We will examine your circumstances, recommend the deal that is right for you and guide you through the process of your application.

The value to you of re-mortgaging depends on your circumstances and reasons for looking to replace your existing agreement. Just as you did when you secured your first mortgage, it is important to evaluate your finances and any changes there have been before considering the different mortgage types. Interest rates can fluctuate so if you’re worried about rate rises over the short or medium term, re-mortgaging could allow you to fix your rate at current levels, allowing you to plan your monthly budget for years ahead.

Just as when you are considering comparing energy rates or insurance deals, it is important to understand when you should re-mortgage and what reasons there are to switch to a new mortgage deal.

Could re-mortgaging secure you a better deal? Refinancing your mortgage may help you reduce your interest rate, especially during periods where the Bank of England rate is low. Re-mortgaging can reduce monthly outgoings and may reduce your overall repayment amount or your mortgage term so you can pay off your mortgage sooner.

This could include you switching from an interest only to a repayment mortgage, or be looking to secure a new fixed rate mortgage before the end of your current deal. Switching before the end of your fixed rate will prevent you falling onto the standard variable rate (SVR) where you could find yourself paying a higher interest rate. Once you have owned your home for a few years, if you have benefited from an increase in property value or have reduced your loan amount with repayments, there may be more deals available to you.

If you have built up equity in your home, re-mortgaging could even provide you with additional funds to consolidate your debts, extend or make significant improvements to your home, or more, by freeing up money that you have invested in your property.

Of course, there are many things to consider before you re-mortgage, which is at why we have local advisers to guide you through the process. At CARA Mortgage Services we have access to more than 12,000 products offered by over 90 lenders, we can help you find a re-mortgage deal to fit your unique needs. If you’d like to know more, or if you feel ready to discuss your re-mortgage options, contact one of our advisers who help guide you through the process – and make it easier.