When the time comes to remortgage, you of course want to be sure you get the best possible deal. At the same time, it is also important to establish affordability and borrow only within your means.
With our exclusive remortgage calculator, it has never been easier to find out how much you could save on your current mortgage. Or if looking to raise funds for an important project, how much you can comfortably afford to borrow.
Simply enter a few basic details and you will be returned all the information you need. After which, it is simply a case of booking an obligation-free consultation to discuss the available options and get your application under way.
How to Find the Best Remortgage Rates & Deals
The key to finding the best remortgage rates and deals on the market lies in comparing as many refinance offers as possible from an extensive panel of lenders. Rather than limiting yourself to the usual High Street names, it is essential to include independent remortgage specialists in your search.
As many ‘not on the High Street’ lenders operate exclusively via brokers, you will benefit from independent support throughout the process. Our exclusive remortgage calculator goes beyond the usual High Street names to include dozens of dynamic re-finance specialists across the UK.
Even with a typical mortgage comparison site, you may not gain access to the most competitive deals on the market – use our remortgage calculator today to see how much you could save.
Remortgaging to Release Equity
One of the most common reasons for refinancing is to release equity tied up in a property. Assuming you have already paid off part of your mortgage, you may be able to leverage the capital tied up in your home for a variety of purposes.
From everyday home improvements to major renovations and extensions, refinancing provides the opportunity to extend your mortgage and raise funds in a cost-effective way. The more equity you have in your home, the more you can borrow – all without the need to save for a down payment.
Speak to an independent broker to discuss the potential benefits of releasing equity in your property with a competitive re-finance deal.
What is ‘Remortgage Affordability’?
Remortgage affordability is largely identical to standard mortgage affordability. Measuring ‘affordability’ of any home loan means establishing whether or not you can comfortably afford the subsequent monthly repayments, while maintaining your current lifestyle and covering your most important costs.
In some instances, refinancing a property means increasing subsequent monthly repayments to cover the additional debt. In others, it is simply a case of extending the life of the mortgage without affecting monthly repayments. It is also possible to switch to a more competitive deal by refinancing, which provides the opportunity to reduce monthly outgoings and free up additional cash.
Your mortgage broker will help you assess your current financial position and the affordability of any refinance deal you may be considering. An independent broker can also negotiate with lenders on your behalf, helping you access an unbeatable deal with the lowest possible overall borrowing costs.
Should You Remortgage?
Establishing whether remortgaging is a good idea means considering your requirements, your objectives and your budget. In some instances, refinancing with a new lender at a lower rate of interest can significantly reduce both monthly outgoings and the overall balance of an existing mortgage. In which case, remortgaging is definitely a good idea.
If you are looking to raise funds for a major investment or home improvement project, it is a case of assessing affordability and considering your budget. If you can comfortably afford the repayments with no negative implications for your lifestyle, there is no reason not to go ahead.
By contrast, refinancing is inadvisable where the borrower has any doubt whatsoever regarding their ability to comfortably meet their subsequent repayment obligations. If you are already struggling to pay your bills and stay on top of your finances, you should not be considering refinancing for the time being at least.
How Accurate Are Remortgage Calculators?
Even the most sophisticated remortgage calculators on the web are designed to provide a basic indication of the options available. As there are dozens of important factors to take into account when calculating and issuing home loans, the information provided by an online remortgage calculator cannot be guaranteed 100% accurate.
Instead, calculators like these should be used to gain an overall idea of the affordability of a typical refinance. After which, an obligation-free consultation should be organised with a broker to discuss your requirements and the available options in more detail.