Most homeowners tend to have a fixed rate mortgage where that rate finishes on a given date and then increases to a lender’s standard variable rate (SVR), often leading to a sharp increase in monthly payments.  A great way to save money is to speak to a mortgage broker 3-4 months prior to the fixed rate end date to discuss ‘remortgaging’, switching your current mortgage product to a new deal.

Hawk Mortgages will assess the market and your current situation and aim to get you the best deal available to you moving forward.  At this stage we would make a recommendation on the most cost-effective way to remortgage.  We can then process this transaction for you whether it is switching to a new lender or a product transfer with your existing lender.

Can I change the term?

Yes.  When remortgaging to a new lender you can either reduce the mortgage term to pay off the mortgage faster or increase the term to reduce the contractual monthly payments.

Releasing equity from your property

There are many legitimate reasons to increase your mortgage and release equity in the process.  It may be that you need the money to fund home improvements, to purchase a buy to let property, pay off debt etc….

When your fixed rate is coming to an end this is the perfect time to explore these options, to find out what differences this will make to your monthly mortgage payments and take advice on whether or not it’s a good idea.

Why speak to a broker to remortgage?

Many existing mortgage holders make the mistake of only speaking to their existing lender when looking to remortgage.  This means you can only access deals your current lender offer, potentially missing out on cheaper deals with different lenders or indeed more appropriate mortgage products.

For example we have helped client’s who have been considering moving house within the next 12 months by recommending a mortgage with no early repayment charges (ERC’s), meaning the client was free to redeem their mortgage and sell their property without incurring a penalty.  Before speaking with us the client was either going to choose a deal with an ERC or stay on the lender’s standard variable rate, either option would have cost the client a significant amount of money.

It is always best to check your options with a broker, we do this day in day out and are generally able to access your lender’s deals and compare those to what’s available on the rest of the market.  We also have some exclusive deals, only available to mortgage brokers.

Typically we can process a product transfer with your existing lender too, if that’s the best option.  So, by speaking to us you kill two birds with one stone!

Hawk mortgages will assess the market and your current situation and aim to get you the best deal moving forward.

*You may have to pay an early repayment charge to your existing lender if you remortgage.
*Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.


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