How to make remortgaging less stressful — an expert’s guide

How to make remortgaging less stressful — an expert’s guide

If the thought of remortgaging makes you want to bury your head in the sand — listen up. 

Now, we know buying a home can be stressful. As the recent figures show, around 64% of people who have applied for mortgages in the past year have suffered stress and anxiety due to the process. 

“But it doesn’t have to be like this,” Jo Jingree, the director of Mortgage Confidence and five-time award winning mortgage adviser, says. “Thankfully, there are a few things you can do to make the process smoother (and a whole lot less stressful).” 

 

1. First up, speak to experts

And by this, we mean a mortgage adviser. Of course we’re a little biased, but the stats don’t lie. According to a survey, conducted by Market Financial Solutions, of all 2,000 people questioned, 69% said that brokers were ‘essential’ for navigating the current mortgage market. 

“You wouldn’t expect everyone to be a pro at selling their own home,” Jo says. “Which is why you might entrust an estate agent. Just like you wouldn’t expect everyone to know the full ins and outs of the mortgage market. But that’s where mortgage advisers step up to the plate and make sense of your options.”

Mortgage advisers can take a weight off your shoulders and guide you through the process — saving you time, bundles of paperwork and stress. “Plus, a problem shared is a problem halved, right?”, Jo adds.

 

2. Don’t leave it until the last minute 

We accept, this is sometimes easier said than done. But the sooner you get the ball rolling and the sooner you stop shrugging off the problem, the sooner you can make an informed decision. “Generally speaking, the longer you put your remortgage off, the more stress you’re likely to suffer,” Jo says. 

If you’re worried about the cost of your remortgage, there could be all different avenues to explore. But to do this, it all starts by making contact. To start the process, you don’t even have to pick up the phone. “Drop me an email or WhatsApp if that’s easier,” Jo says. 

 

3. Play the long game 

Contrary to popular belief, you can arrange your remortgage up to six months before your current deal ends. Meaning?

“You can find out what rates are available now, and give yourself time to organise your mortgage” Jo says. “This will help you tackle the remortgage head on and avoid extra stress that can come with rushing the process.”

 

4. Do some forward thinking

Thinking of making some renovations to your current property? Then when it comes to remortgaging, depending on your current circumstances, you may well be able to release some equity in your home. 

We’ve talked before about reasons why you might consider remortgaging, and helping to fund a renovation is one of them. But whilst remortgaging might help fund your project, it could also be a more cost-effective way of doing so.

 

Take a weight off

Let us take the stress out of buying a home. If you’re thinking about purchasing your first home, or looking to invest in your second, get in touch to find out how we can help.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £99 to £399 and this will be discussed and agreed with you at the earliest opportunity. Your home may be repossessed if you do not keep up repayments on your mortgage.

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