Remortgaging

Are you one of the 27% of homeowners paying too much for your mortgage?

According to a 2021 report by This is Money, the average UK borrower could save a whopping £4,080 a year on their mortgage payments by switching from a standard variable rate. When was the last time you looked at your mortgage?

Our free, no-obligation mortgage review service gives you an opportunity to reassess your borrowing requirements and see if there is a better financial option out there for you.

You may be interested in finding a new lender with a lower interest rate to pay off an existing mortgage, or perhaps you want to raise capital for renovations, pay off debt or finance another property purchase. No matter the reason, we’ll make the process simple and seamless.

Finding a better rate whilst tied in

It is usual to be hesitant about re-mortgaging, especially when you are already tied into an existing deal. Making early repayments can be pricey, and that is before the consideration of any ‘admin fees’ or ‘deeds release fees’ required in order to exit your mortgage.

However, this does not mean you should not seriously consider re-mortgaging to find a better rate. If you have significant mortgage debt, then finding a better rate with a new lender could see you make considerable savings, even taking any fees into account.

It is important to obtain professional and transparent advice before making any decisions, as you need to carefully evaluate the type and term of any new borrowing. We can cut through the jargon, calculate the benefits for you and match you with lenders that can offer you a rate worth re-mortgaging for.

As a Gemstone Mortgages client, you’ll never have to worry about paying too much on your mortgage again, as our lifetime service means we’ll track your borrowing and let you know when you can save money. If your rate is coming to an end in the next 6 months now may be the time to look at your remortgaging options.

Interested in overpaying

If you have found yourself in a favourable financial situation where you have more money than you did when you first took out your mortgage, perhaps due to a pay rise or an inheritance, then it could be a great time to make overpayments on your mortgage.

Unfortunately, some mortgage deals restrict you from doing this or will only let you make very small overpayments. By re-mortgaging, you can reduce your loan size and also obtain a cheaper rate as an added bonus.

Despite having more capital available, it is still important to tread carefully when it comes to exiting your old mortgage deal, as you may fall victim to a myriad of fees from your current provider, eliminating the benefits of re-mortgaging.

When you talk to us about re-mortgaging for the purpose of reducing your loan size, we will always carefully consider all of the potential restrictions and fees of your current deal before we match you with a lender that is a better fit.

Overpaying and borrowing more

Are you considering overpaying or borrowing more? We’ve written a guide to help you navigate the positives and pitfalls of both.

When it comes to both overpaying and borrowing more, we are well versed in working alongside lenders to ensure everything goes smoothly. Even if Gemstone Mortgages didn’t arrange your existing mortgage, please don’t hesitate to get in touch.

Whatever your reasons for re-mortgaging, we’ll make it painless.

Talk to us about a free mortgage review