remortgaging in London could save you thousands
If you do have an existing property in London, remortgaging could potentially save you thousands, or allow you to tap into cash for home improvements or other big plans. But at what time is best, and what do you expect?
At Oportfolio, we remortgage London homeowners daily. Below is our step-by-step guide on when, why, and how to remortgage successfully.
When Should You Remortgage?
- Your offer is expiring: Most mortgages transfer to the lender’s standard variable rate (SVR) when the initial fixed/tracker term expires, which is usually more expensive.
- You want to save: If rates have dropped since your last mortgage deal, you may be able to negotiate a better rate.
You need to borrow more: For a house extension, debt consolidation, or a big purchase.
Your home’s value has risen: You may be eligible for better loan-to-value ranges.
Why Remortgage with a Broker?
- Whole-market provides access
- Expert comparison of fees, not just interest rates
- Help with complex or changing financial matters
How to Remortgage
- Remortgage Early – 3 to 6 months before your current deal ends.
- Check Your Finances – Review your credit score, income, and if anything has changed.
- Compare Offers – Don’t be fooled by just the headline rate.
- Submit the Application – With the help of your broker.
- Legal Work – Similar to your original mortgage, but usually quicker.
Real Case Example
We recently helped a couple in Richmond to remortgage their home. Their existing 2-year fixed rate was coming to an end and the SVR from the lender would have added £300/month to their payments. We placed a new 5-year fixed rate, saving them over £10,000 over the term.
Conclusion
Remortgaging in London can be a smart financial move, but only if done at the right time and with the right advice. Speak to the Oportfolio team to explore your options and make the most of your investment.
