THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Using our re-mortgage service ensures that your re-mortgage goes through quickly so you can benefit from our product rates sooner. The service includes all re-mortgage fees but additional fees may be payable for extra work, for example, if a new owner is to be added to the deeds. Free in-house legal services are not available on certain products including shared ownership if you are increasing your share of the property, buy to let in Northern Ireland or Self-build.
What is a Remortgage?
A remortgage is the process of moving a mortgage from one lender to another, by paying off the original mortgage with the proceeds of the new one and using the same property as security. Remortgaging is relatively easy to do and our specially trained staff are always available to assist.
Are there any costs?
There are usually costs involved which will vary depending on your current lender and new lender; your current lender may charge you an ‘early repayment charge’ and/or an ‘early redemption charge’; and your new lender may charge arrangement/booking fees and/or product/reservations fees. You will also need a new survey and valuation, which you may have to pay for, although some lenders offer these for free when you remortgage to them.
What are the benefits of remortgaging?
A remortgage may allow you to benefit by saving money with a better deal, borrow more for home improvements or repay other debts.
When is it best to remortgage?
If you are nearing the end of your current deal or paying the standard variable rate, it’s a good time to start thinking about remortgaging. You may also be thinking about raising extra funds at the same time. Either way it is generally a good idea to review your mortgage regularly. That way, you can ensure your mortgage terms and features continue to best suit your circumstances.
How do I get started?
Arranging a remortgage is easy. You need to think about the type of mortgage that will be best for you going forward. Choices include fixed rate mortgages, variable rate mortgages, and tracker mortgages; our fees-assisted mortgage options are very popular for remortgaging customers too. You also need to consider whether you need to borrow additional funds.
To talk about the different options and how we can help, simply pop into one of our UK-wide branches or call us on 03450 50 50 75.
Please note that Leeds Building Society does not accept online applications (unless submitted by a mortgage intermediary providing an advised service) for remortgage applications where the purpose of the funds (or part of the funds) is for debt consolidation.