Fish4Mortgage is located in Weston-super-Mare, Somerset & is the area’s leading Mortgage Broker with over 25 years of knowledge in the field. We specialise in many areas including re-mortgages, first time buyers, commercial mortgages, general insurance & secured loans. Explore our website to find out more information & also go ahead & use our Mortgage Calculator to see what deals are available to you.
So what is a re-mortgage?
A re-mortgage is where a new mortgage lender advances you enough money to pay off your current lender and lends you additional mortgage funds to use as you see fit.
So whether you are looking for the best UK mortgage deals or mortgage rates, we can help you to reduce your monthly payments, finance home improvements or maybe capital raise to purchase another property.
Fish4Mortgage access 1000s of schemes from all the major lenders & more to ensure that you have the best mortgage from the widest selection of mortgages possible. Let us compare the market for you and guide you through how to re-mortgage.
Reducing your Loan to Value to get a better rate:
Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.
This is shown as a percentage and is called the ‘loan to value’.
When you remortgage, the lower the loan to value you need, the more deals that might be available to you – and you might be able to get cheaper mortgage deals.
Go to our Mortgage Calculator and see what rates you could get!
Calculating your Loan to Value
- Divide your outstanding mortgage amount by your property’s current value.
- Multiply the result by 100.
- Your outstanding mortgage is £150,000
- Your lender thinks your property is worth £200,000
- 150,000 divided by 200,000 = 0.75
- 0.75 x 100 = 75 – so your loan-to-value is 75%
Use these links to get an idea of your home’s current value.
- Check whether your property might have risen in value on Zoopla.
- Look for similar properties for sale in your postcode on Rightmove.
- Use the Nationwide house price index calculator.
Remember to check associated fees and costs.
Remortgaging to get a better interest rate
When you take out a new mortgage, you normally get an introductory deal.
For example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.
Introductory deals normally last for between two and five years.
Once the deal ends you’ll most likely be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.
So when your introductory period ends, come to us and we’ll scan the market for you. We’ll find you the best interest rate mortgage to suit your individual circumstances.
Check out our mortgage calculator to see what rates are available to you!
Re-mortgaging for more flexibility
Remortgaging might also enable you to get a more flexible deal – for example if you want to overpay.
Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.
Talk to one of our friendly advisors today and ask them about re-mortgaging for more flexibility.
Remortgaging to clear outstanding credit
If you have outstanding credit that you would like to clear then you might be able to remortgage and take out a larger loan to value rate which would mean you get extra funds that would allow you to clear some or all of your outstanding credit.
However before you consider this option please understand that you will be securing the outstanding credit against your home that was previously unsecured.
Even though interest rates on mortgages are normally lower than rates on personal loans and much lower than credit cards, you might end up paying far more overall if the loan is over a longer term.
Chat to one of our friendly advisors today about remortgaging to clear outstanding credit we’ll be happy to speak to you about your options and the way forward.
Can I Re-mortgage?
Go over to our Mortgage Calculator select re-mortgage & fill in the blanks for us, then see what deals we can get you (don’t worry it won’t affect your credit score). If you like the look of a deal or scheme & want more information simply fill out a contact form & one of our friendly advisers will be in touch with you shortly.
Mr L from Somerset says…
“We were looking to reduce our monthly payments and clear an expensive car loan the mortgage shop visited me at home as I work late and explained the various options available to me I felt in total control and have recommended their services to several work colleagues.”
Mrs K from Leicester says…
“I contacted my own lender to increase my existing mortgage and they could not assist me after talking to many other lenders I came across the mortgage shop and must say that the service and attention to detail far exceeded my expectation they handled the whole process from start to finish I cannot thank them enough and recommend their services at every opportunity to my friends.”