If you are considering refinancing an existing mortgage, you may be wondering if and how a mortgage broker could help. The answer is: they absolutely can and outlined below are the ways in which they can.
What is mortgage refinancing?
Mortgage refinancing involves taking out a new loan so you can replace your existing mortgage, typically for better terms or to obtain more financial flexibility.
Benefits of refinancing your mortgage
There are many reasons for wanting to refinance a mortgage. They include:
- Obtaining a lower interest rate and decreasing your monthly repayments
- Moving to a fixed rate mortgage from a variable one
- Altering the duration of your mortgage term
- Consolidating loans to save on interest
- Accessing cash by releasing equity
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
How a mortgage broker can help with refinancing
A mortgage broker can assist with refinancing an existing mortgage to achieve better terms with the following services and products:
- Broker-only deals. Many lenders offer favourable rates to brokers. So, you tend to have more – and often better – options to choose from.
- Bespoke mortgage advice. An experienced broker will assess your current financial circumstances and listen to your plans and goals for the future, ensuring their recommendations are tailored to your personal situation. So, you can be confident you’re making the optimal decision.
- They know the market. A whole of market broker will know which deals are likely to be most beneficial for you, saving you precious time.
- Application support. They can significantly ease the mortgage application process, dealing with the paperwork and liaising with the lender.
- Access to niche lenders. If your situation is complex, you may need a specialist mortgage lender. Your broker will know the lenders most suited to your circumstances.
